Nexus Underwriting has acquired Arma Fusion, the parent company of Arma Underwriting. This is Nexus’ 18th acquisition of a Managing General Agent (MGA) and the first since its acquisition by Brown & Brown in October 2023. The deal aims to strengthen Nexus’ presence in the growing Middle East insurance market, especially in Dubai. Financial details of the acquisition have not been disclosed.
Arma Underwriting, founded in 2017, is known for its strong reinsurance expertise and innovative solutions. The acquisition will expand Nexus’ portfolio, adding Arma’s specialty commercial products and underwriting capabilities.
This move helps Nexus tap into the growing insurance market in the Middle East. Arma will continue to operate under the leadership of its CEO, Michael Rafter, who will work alongside James Lawrie, Nexus’ CEO for the UK, Europe, and international markets, to support further growth in the region.
Stuart Rouse, CEO of Kentro and Nexus, said, “This acquisition shows our commitment to investing in the Middle East’s growing insurance markets. Arma’s specialty commercial products and underwriting expertise will strengthen our offerings and support both organic and strategic growth.”
James Lawrie, CEO of Nexus UK, Europe & International, added, “Arma has a strong reputation and a proven track record. We look forward to working with their team as they grow with Nexus.”
Michael Rafter, CEO of Arma, said, “Joining Nexus is a major milestone for us. This partnership will help us accelerate our growth plans in the Middle East. We are excited about the opportunity to work together and share similar values and goals.”
The acquisition is expected to close in the first quarter of 2025, pending approval of certain conditions. Both companies have thanked Asta for its support throughout the process.
