Specialised Managing General Agent (MGA) Nexus Group has announced the launch of a new Alternative Risk Transfer (ART) business unit.
Nexus Specialty Casualty President Christof Bentele (pictured) will lead the new ART business.
Nexus ART will offer multi-year structured reinsurance solutions, the MGA Group said, with a focus on property, casualty and multi-line insurance.
Since 2023, Nexus has been part of the US insurance brokerage firm Brown & Brown Group.
Nexus Specialty Casualty is a division of Nexus Specialty, itself a subsidiary of Nexus Underwriting US, a holding company focused on niche insurance classes and investments in MGAs.
Nexus ART has also hired Tim Starr as Head of Analytics and Pricing, who previously served as an actuarial data scientist at Norse Specialty.
In addition, Richard Zhang has joined as Head of Underwriting for ART. He joins from WTW where he was Head of ART for Asia Pacific and the Middle East.
“We are excited to launch the new Alternative Risk Transfer Business to offer risk transfer and retention solutions that do not fit into the conventional, traditional insurance model,” said Christof Bentele.
“These alternative risk solutions are growing in popularity as companies look for tailored flexibility for a growing number of risk scenarios, and niche insurance lines are what Nexus knows best. We are thrilled to have Tim and Richard on board and look forward to an exciting future,” said Bentele.
Adam Kembrooke, President and CEO of Nexus Group US, added, “Our business has quadrupled over the past three years and the majority of this growth has been driven by the successful launch of several new products. A good example of this is our specialty casualty division, led by Christof, which has seen tremendous success over the past 18 months since its launch.
“We currently see a real need in the market for a service-led offering in the structured solutions space and our talented team will work closely with our brokers to develop unique alternative risk solutions for our clients. We are confident that the new ART business will be a profitable and fast-growing addition to our already extensive product range.”
