This transaction marks Nexus’s 17th acquisition since its establishment in 2008 and represents a strategic expansion into the specialized cyber insurance sector.
Following the acquisition, Evolve will introduce the newly developed Evolved NexGen cyber policy, underwritten by Lloyd’s, across all 50 states in the United States. The company boasts an extensive network of more than 3,000 brokerage partners, serving approximately 6,000 policyholders nationwide.
Adam Kembrooke, the CEO and President of Nexus Underwriting US, explained, “We are thrilled to announce the completion of this acquisition. Evolve is a highly respected market leader in the U.S. cyber insurance space, and their team of cyber experts is second to none.”
The addition of Evolve to the Nexus group significantly enhances Nexus’s capabilities in the cyber insurance realm and expands its market presence. The established distribution network of Evolve, along with its team of experienced cyber specialists, is expected to complement Nexus’s existing technology-driven underwriting, which emphasizes data analysis.
Co-founders of Evolve, Michael and Patrick Costello, believe that the collaboration will create a formidable presence in the cyber insurance market, offering customers an expanded range of products and superior service to mitigate cyber risks. They stated: “We are excited to join the Nexus team, Nexus is a leading specialty MGA with a strong track record of success, and we believe that this combination will create a powerful force in the cyber insurance market. Together, we will be able to offer our customers a broader range of products, provide them with superior service with the support they need to protect themselves against cyber risk and best-in-class claims support should they need it.”
With the completion of this acquisition, Nexus Underwriting solidifies its position as a leading player in the insurance industry, well-positioned to meet the growing demand for cyber insurance solutions and support businesses in safeguarding themselves against cyber threats.