Former AmTrust at Lloyd’s chief underwriting officer Mike Sibthorpe is joining independent specialty Managing General Agent Nexus Group in April as insurance and reinsurance chief executive at Nexus Underwriting Management Limited, ahead of possible changes in shareholding.
“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,” explained Nexus in its announcement, which revealed a management reshuffle taking place when Sibthorpe comes onboard.
Colin Thompson, who will re-assume the position of group chief executive, is relinquishing the role of executive chairman while a new non-executive chairman is appointed. Current Group CEO Tim Coles will become Group COO while Stuart Rouse, who serves as both chief financial officer and chief operating officer, will continue as Group CFO.
“I am delighted to be joining Nexus at this incredibly exciting stage in the development of the company and being part of one of the most dynamic and fast growing underwriting and distribution businesses in the insurance market,” said Sibthorpe, who will become a member of the Nexus Group board. “With my experience of the Lloyd’s market and underwriting, I will be looking to add to the extensive platforms Nexus has established and deliver first-class insurance solutions for clients and underwriting partners.”
Aside from his time at AmTrust, Sibthorpe has also held CEO roles at W R Berkley Syndicate 1967 and Brit Global Markets. The key hire will be responsible for Nexus Group’s underwriting strategy and underwriting performance as he oversees the insurance and reinsurance operations.
“Bringing in someone of Mike’s calibre is a huge credit to the company and the direction that we are headed,” commented Nexus founder and executive chairman Thompson. “Mike has enjoyed an enormously successful and extensive career throughout the industry, establishing Lloyd’s syndicates, growing businesses, and delivering improved underwriting performances.”
As for the “potential shareholder liquidity event” happening this year, the company did not provide further details.
“As Nexus looks ahead to more growth in 2018, Mike’s experience, technical ability, and leadership will stand the group in good stead,” said Thompson.