The goal of the transaction, which marks Nexus' 18th MGA acquisition and the first since Brown & Brown bought the company in October 2023, is to increase its footprint in the quickly expanding Middle Eastern insurance markets. The deal's financial specifics have not been made public.

With a broad range of insurance products and an emphasis on strategic acquisition growth, Nexus Underwriting is a specialized insurance company. Since its founding in 2017, Arma Underwriting has grown to become a prominent player in the reinsurance market, known for its creative insurance solutions and broad underwriting experience.

By incorporating Arma's specialized commercial products and broad underwriting capabilities into its portfolio, this strategic purchase is anticipated to enhance Nexus' product offerings in the area. The goal of the merger is to improve both businesses' service capabilities and strengthen their market positions.

Michael Rafter, Arma's founder and CEO, will continue to run the company during the transition. He will work with James Lawrie, Nexus CEO UK, Europe & International, to promote more expansion in the Middle East.

"This acquisition reflects our desire to continue investing in the rapidly expanding insurance markets of Dubai and the Middle East," stated Stuart Rouse, Chief Executive Officer of Kentro and Nexus Group. With its array of specialized commercial products supported by substantial underwriting expertise, Arma's company will broaden and improve our current product line. This investment shows our desire to achieve outcomes through both selective acquisitions of financially sound and culturally compatible businesses as well as robust organic development.

"Arma is a well-known and respected company, and I have been greatly impressed by the team's entrepreneurial mindset, extensive technical underwriting experience, and track record in delivering underwriting returns to capacity partners," said James Lawrie, CEO of Nexus UK, Europe & International. As they start the next phase of their adventure as a member of the Nexus team, I'm excited to collaborate closely with them.

"We are excited to announce this significant milestone for Arma Underwriting, marking an exciting new chapter for our company and all our stakeholders—including our loyal cedants, valued capacity and broker partners, and our dedicated employees," continued Michael Rafter, founder and CEO of Arma. Collaborating with Nexus is an incredible chance. We have discovered that they are a partner who shares our cultural values in addition to being strategically aligned. We are in a wonderful position to advance our ambitious expansion objectives in the region thanks to this relationship.

Subject to specific closing conditions, the deal is anticipated to conclude in the first quarter of 2025. The businesses have thanked Asta, whose assistance has been essential in getting them to this crucial point.