Trade credit insurer Equinox Global has been bought by independent specialty managing general agent (MGA) Nexus Group.

Commenting on the acquisition, Equinox Global CEO Mike Holley (pictured) says that he has been “impressed” by Nexus’ commitment to the trade credit class.

“This acquisition will enable Equinox to accelerate its growth and product offering in all countries where we are present,” says Holley. “There is a significant opportunity to take advantage of Nexus CIFS’ product offerings, feeding these through and leveraging the significant investments Equinox has made in its international office network and infrastructure.”

Equinox (which will not keep its name) will continue to be supported post-acquisition by its founding shareholders and management team of Holley, Steen Parsholt, Rob Crampton and Vicki Harrison.

“We are excited about working together with Mike and his team to build a global market leading trade credit offering which, when combined with our current trade credit MGA Nexus CIFS, will be a £60mn gross written premium business underwriting profitable global specialist trade credit insurance,” says Colin Thompson, founder and executive chairman of Nexus.

He says that Equinox and Nexus CIFS’ books of business are complementary, with very little overlap both in terms of line sizes and geographical focus, resulting in “significant opportunities to expand globally by harnessing the joint distribution channels following the transaction”.

Beazley was previously Equinox’s largest shareholder, and it will continue to provide the company with underwriting capacity through a 10-year underwriting support agreement.

With the acquisition, the founders of Equinox and Beazley become shareholders in Nexus.

Nexus and Equinox have exchanged, with completion scheduled to follow during 2017.

In June, Nexus acquired Lloyd’s coverholder Vectura Underwriting from Aquila Underwriting. Vectura is a specialist marine cargo insurer and reinsurer with a global focus.