Nexus Underwriting (Nexus), a Brown & Brown group venture, has entered into an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (Arma).
A statement issued by the group in December last said the transaction is expected to close in the first quarter of the current year, subject to certain closing conditions.
Arma is a leading specialty reinsurance MGA based in the Dubai International Financial Centre (DIFC) in Dubai focusing on property, energy, liability, consumer and accident and health reinsurance lines.
Kentro and Nexus Group chief executive officer Stuart Rouse 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 specialisation, 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.”
Founded in 2017, Arma has quickly built up a strong reputation demonstrated by longstanding relationships with excellent capacity partners, diversity of product offerings to the local market, strong service and tailored solutions for broker partners. Arma was awarded MGA of the year in the Middle East Insurance Industry Awards in 2023.
Nexus CEO UK, Europe & International James Lawrie said, “Arma is a highly respected and well-established business and I have been 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.”
Arma will continue to be led by founder and CEO Michael Rafter, who will work with Mr James Lawrie to further grow within the Middle East.
Mr Rafter said, “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.”
This is Nexus’ 18th MGA acquisition since inception and marks the first MGA acquisition since they were acquired by Brown & Brown in October 2023.