![](\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/shaking-hands-in-merger-and-acquisition-concept-211664929-bigstock-580x387.jpg\")
<\/p>\n![](\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/12\/shaking-hands-in-merger-and-acquisition-concept-211664929-bigstock-scaled.jpg\")
<\/div>\nNexus Underwriting, a Brown & Brown group business, announced it has entered into an agreement to acquire Arma Fusion Ltd., the parent company of Arma Underwriting Ltd.<\/p>\n
Arma is a leading specialty reinsurance MGA based in the Dubai International Financial Centre (DIFC) in Dubai, UAE, focusing on property, energy, liability, consumer and accident and health (A&H) reinsurance lines.<\/p>\n
Financial details of the deal were not disclosed.<\/p>\n
Founded in 2017, Arma has quickly built up a strong reputation demonstrated by the relationships it has formed with excellent capacity partners, a diversity of product offerings to the local market, strong service, and tailored solutions for broker partners.
This is Nexus\u2019 18th MGA acquisition since inception and marks the first MGA acquisition since they were acquired by Brown & Brown in October 2023.<\/p>\n
Arma will continue to be led by founder and Chief Executive Officer Michael Rafter, who will work with James Lawrie, Nexus CEO UK, Europe & International, to further grow within the Middle East.<\/p>\n
\u201cThis acquisition signifies our ambition to continue investing in the rapidly growing insurance markets of Dubai and the Middle East. Arma\u2019s business, with its range of specialty commercial products underpinned by significant underwriting specialization, will expand and enhance our existing product offering,\u201d commented Stuart Rouse, Kentro and Nexus group chief executive officer.<\/p>\n
\u201cThis investment demonstrates our ambition to drive results not only through strong organic growth, but also through strategic acquisitions of organizations that fit culturally and make sense financially,\u201d Rouse added.<\/p>\n
\u201cArma is a highly respected and well-established business, and I have been hugely impressed by the team\u2019s entrepreneurial mindset, extensive technical underwriting experience and track record in delivering underwriting returns to capacity partners,\u201d according to Lawrie. \u201cI look forward to working closely with them as they embark on the next stage of their journey as part of the Nexus team.\u201d<\/p>\n
\u201cWe are thrilled to announce this significant milestone for Arma Underwriting, marking an exciting new chapter for our company and all our stakeholders\u2014including our dedicated employees, valued capacity and broker partners as well as loyal cedants. Joining forces with Nexus is a remarkable opportunity,\u201d said Michael Rafter, Arma founder and CEO. \u201cWe have found in them to be a partner who is not only strategically aligned but also shares our cultural values. This partnership positions us perfectly to accelerate our ambitious growth plans in the region.\u201d<\/p>\n
About Nexus<\/strong><\/p>\n Founded in 2008 and with its global headquarters in London, UK, Nexus Underwriting is a leading, independent, specialty MGA with a focus on niche insurance classes of business.<\/p>\n Nexus is a wholly owned subsidiary of Kentro Capital Ltd., a holding company with a focus on investing in MGAs globally. Kentro provides institutional support to its wholly owned businesses and employs c.300 teammates in nine countries: UK, France, Germany, Italy, The Netherlands, the US, China (Hong Kong SAR), UAE (Dubai) and Malaysia (Labuan FT). Kentro is part of Brown & Brown group.<\/p>\n Source: Nexus<\/em><\/p>\n Topics<\/span> Mergers & Acquisitions<\/a> Reinsurance<\/a> Insurance Wholesale<\/a> <\/p>\n<\/p><\/div>\n Was this article valuable?<\/p>\n<\/p><\/div>\n