ellie donnelly july am speciality nexus group cork ireland
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July 24 2017 8:57 AM
Speciality managing general agent Nexus Group has announced the opening of their new office in Cork following the establishment a branch in Ireland in 2016.
Founded in 2008, Nexus specialises in niche classes of business, underwriting 15 speciality products on behalf of 23 different underwriting partners within lines of business which include financial lines, accident and health, property, marine, and cyber insurance.
Nexus in Ireland is headed by Stephen Comerford who specialises in securing surety solutions for builders, developers and licensed service contractors.
Read more: Bank of America chooses Dublin for post-Brexit EU operations
Mr Comerford described the timing of the expansion in the Irish market as "significant" with the construction sector set to recover and increase by 20pc in 2017.
"By specialising in performance bonds, advance payment bonds and duty deferment bonds, with ability to develop other products such as professional indemnity that are already part of the Nexus offering, we are able deliver timely and significant support to contractors to enable them to secure tender contracts," Mr Comerford said.
Mr Comerford went on to say that the Irish branch of Nexus could provide the company with a formal presence in Ireland for Freedom of Services insurers whereby it can act as local Process Agent to Irish beneficiaries who require that service.
In 2015 Nexus acquired EBA Insurance Services which enabled the company to offer an extended insurance product range that included surety, latent defects, construction and casualty throughout Europe.
Read more: Chubb Insurance considering Dublin as its European hub
The news comes after Bank of America announced last week that it has chosen Dublin as its preferred location for its post-Brexit EU entity.
Chubb Insurance and Equitable Life have both said that they are considering setting up a EU subsidiary in Dublin in the wake of Brexit.