Nexus Underwriting (“Nexus”), a Brown & Brown group business, has announced its agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited (“Arma”).
Arma, a specialty reinsurance Managing General Agent (MGA) based in the Dubai International Financial Centre (DIFC) in Dubai, UAE, focuses on reinsurance lines in Property, Energy, Liability, Consumer, and Accident & Health (A&H). Recognized for its excellence, Arma was awarded the “MGA of the Year” title at the Middle East Insurance Industry Awards in 2023.
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This marks Nexus’ 18th MGA acquisition since its inception and its first since being acquired by Brown & Brown in October 2023.
Michael Rafter, founder and Chief Executive Officer (CEO) of Arma, will continue to lead the business. He will collaborate with James Lawrie, Nexus CEO for UK, Europe & International, to expand the company’s footprint in the Middle East.
Commenting on the acquisition, Stuart Rouse, Kentro and Nexus Group Chief Executive Officer, stated, “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 organizations that fit culturally and make sense financially.”
James Lawrie also expressed his enthusiasm, saying, “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.”
Michael Rafter reflected on the milestone, remarking, “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 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.”
Rafter also extended gratitude to Asta, the company’s founding supporter, for their pivotal role in Arma’s growth journey, saying, “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 acquisition underscores Nexus’ commitment to growth through strategic investments, reinforcing its position as a leading player in the global MGA market while strengthening its presence in the dynamic Middle East insurance sector.
