Nexus Underwriting, a specialty Managing General Agent (MGA), has entered into an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (Arma), with the deal expected to close in the first quarter of 2025.
Founded in 2017, Arma is a Dubai-based specialty MGA focusing on Property, Energy, Liability, Consumer, and Accident and Health (A&H) reinsurance lines.
This marks Nexus’ first acquisition since being acquired by Brown & Brown in October 2023.
Michael Rafter, Arma’s founder and CEO, will continue to lead the business, working alongside James Lawrie, Nexus’ CEO for UK, Europe & International, to further expand in the Middle East.
Stuart Rouse, Kentro and Nexus Group CEO, said, “This acquisition signifies our ambition to continue investing in the rapidly growing insurance markets of Dubai and the Middle East.
“Arma’s business, with its range of specialty commercial products underpinned by significant underwriting specialization, will expand and enhance our existing product offering. This investment demonstrates our ambition to drive results not only through strong organic growth, but also through strategic acquisitions of organisations that fit culturally and make sense financially.”
Lawrie commented, “Arma is a highly respected and well-established business, and I have been hugely impressed by the team’s entrepreneurial mindset, extensive technical underwriting experience and track record in delivering underwriting returns to capacity partners. I look forward to working closely with them as they embark on the next stage of their journey as part of the Nexus team.”
Rafter added, “We are thrilled to announce this significant milestone for Arma Underwriting, marking an exciting new chapter for our company and all our stakeholders—including our dedicated employees, valued capacity and broker partners as well as loyal cedants. Joining forces with Nexus is a remarkable opportunity. We 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.
“We would also like to extend our gratitude to Asta, whose steadfast support since our inception has been instrumental in helping us reach this pivotal moment. We look forward to this next phase of our journey with great anticipation.”
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