Nexus forms alternative risk transfer unit in the US
Nexus forms alternative risk transfer unit in the US | Insurance Business America
Insurance News
Nexus forms alternative risk transfer unit in the US
Launch part of firm’s ongoing expansion
Insurance News
By
Terry Gangcuangco
Specialty managing general agent Nexus Group has formed an alternative risk transfer (ART) unit within its US operations. The newly launched business line will be led by Christof Bentele, who serves as president of Nexus Specialty Casualty.
The ART division is set to provide multi-year structured (re)insurance solutions, primarily targeting property insurance, with additional offerings in liability and multi-line insurance. To bolster the new venture, Nexus ART brought on board seasoned actuarial data scientist Tim Starr as analytics & pricing head.
Additionally, Richard Zhang was appointed as the unit’s head of underwriting. Zhang is recognized as an international expert in structured insurance and previously led the ART segment for Asia-Pacific and the Middle East at WTW.
Commenting on the rollout, Bentele said: “We’re delighted to launch the new alternative risk transfer business to offer risk transfer and retention solutions that don’t fit the conventional, traditional insurance model.
“These alternative risk solutions are growing in popularity as companies seek tailored flexibility for a growing number of risk scenarios, and niche insurance classes of business is what Nexus knows best.”
Adam Kembrooke (pictured), chief executive and president of Nexus Group US, highlighted the growth the firm has experienced over the past three years, attributing much of the expansion to its new product launches, including the specialty casualty operations led by Bentele.
“We see a real need in the market now for a service-focused offering in the structured solutions space, and our talented team will work closely with our brokers to build unique alternative risk solutions for clients,” Kembrooke stated.
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