Specialty managing general agency (MGA) Nexus has named Mike Sibthorpe as CEO of insurance and reinsurance as the firm prepares for a potential shareholder liquidity event this year.
Effective April 2018, Sibthorpe will be responsible for the Nexus’ underwriting strategy and underwriting performance and will become a member of the Nexus Group board.
“With Nexus exploring a potential shareholder liquidity event in 2018, Mike’s appointment in a newly created role is an important step in the process to ensuring the Group has the appropriate management structure and governance in place to continue its successful growth,” the company said in a statement.
As part of a wider management reshuffle, Nexus also revealed that, effective April 2018, Colin Thompson will relinquish his role as executive chairman and reassume the position of group CEO, with incumbent CEO Tim Coles moving into the group COO position. Stuart Rouse will continue as group CFO.
Sibthorpe was most recently chief underwriting officer for AmTrust’s Lloyd’s operation where he was responsible for overseeing the underwriting strategy of the company’s five syndicates following its acquisition of ANV.
Prior to AmTrust, Mike was CEO for WR Berkley Syndicate 1967, having led the establishment of the syndicate in 2009. Before that, he was CEO of Brit Global Markets and active underwriter of Brit Syndicate 2987.
Thompson said: “Bringing in someone of Mike’s calibre is a huge credit to the company and the direction that we are headed. Mike has enjoyed an enormously successful and extensive career throughout the industry, establishing Lloyd’s syndicates, growing businesses and delivering improved underwriting performances”
He highlighted that following three transformational years of rapid growth, Nexus has completed seven acquisitions, grown EBITDA from £2.6mn from 2014 to £10mn in 2017 and increased gross written premiums from £56mn to £175mn over the same period.
“As Nexus looks ahead to more growth in 2018, Mike’s experience, technical ability and leadership will stand the group in good stead,” Thompson concluded.