MGA Nexus appoint Asia CEO, targets US$50m GWP

May 16 2019 by Andrew Tjaardstra

Specialty managing general agent Nexus has appointed former Lloyd’s Asia-Pacific president (from 2003 to 2008) Tony Egerton as chief executive of its Asia business, while Huntington Group managing director Gerard Pennefather has been appointed non-executive chairman.

Egerton, also principal officer at Nexus Structured Solutions (formely Huntington Underwriting), has over 35 years of experience in (re)insurance and structured finance. After starting his career in London he has spent the past 20 years in Asia, where he worked in Hong Kong with Centre Solutions (Zurich Group’s finite risk and structured finance subsidiary) before becoming president of Asia Pacific for Lloyd’s, based in Singapore, before joining Nexus in August 2018.

Nexus Structured Solutions’ Singapore based chairman Pennefather spent 12 years in corporate finance and treasury in New Zealand with New Zealand Equities and Ord Minett (now part of JP Morgan Chase).

In 2001 he founded WP Capital and the Huntington Group, which owns, operates and invests in companies focused on the insurance as well as human capital industry.

Colin Thompson, founder and group chief executive of Nexus, said: “I’m delighted to announce these internal appointments, [Egerton] being promoted to chief executive of Nexus Asia and Pennefather to non-executive chairman — it would be difficult to find higher calibre individuals to strengthen the leadership team.”

He added: “Pennefather will lead our future expansion across the Asian market, where Nexus’s goal over the next two years is to become the largest specialty MGA in the region, generating US$50 million gross written premium and US$3.5 million earnings before interest, tax, depreciation and amortisation.”

Kevin Gotts will remain as Nexus’s head of specialty Asia, based in Hong Kong.

Nexus Underwriting was launched in August 2015 as an independent, international (re)insurance MGA to replicate the portfolio underwritten by the Nexus Group in London.