Ex-Nexus US CEO Kembrooke returns with BP Marsh-backed MGA Amiga

By Ryan Hewlett

June 4 - (The Insurer) - Former Nexus US CEO Adam Kembrooke has returned to the market with the launch of Amiga, a startup MGA backed by specialist insurance investor BP Marsh and Partners.

London-listed BP Marsh confirmed in a stock exchange filing on Wednesday that it had subscribed for a 49% shareholding in Amiga for a nominal consideration.

Amiga plans to build a “diverse portfolio” of specialty products across international markets, BP Marsh said.

The business will target organic growth alongside an M&A strategy supported by a five-year 10 million pound ($13.5 million) loan facility provided by BP Marsh, of which 0.5 million pounds was drawn down on completion.

The launch marks a return to the market for Kembrooke, who left Kentro, formerly Nexus Underwriting, in September 2024 after more than eight years, latterly as CEO and president of Nexus US.

Kembrooke, who has more than two decades of experience in the insurance sector, helped to expand Kentro’s presence in the U.S. market, focusing on specialty insurance lines and strategic acquisitions.

Prior to his roles at Kentro, Kembrooke was co-founder of PartnerRe Wholesale and senior vice president at Torus Insurance (UK) Ltd.

Kembrooke, who will serve as founder and managing director of Amiga, said: “We are pleased to have the support of BP Marsh as we build Amiga into a leading specialty underwriting platform. With their proven track record in developing high-performing insurance businesses, we are confident in our ability to achieve our ambitious business plans.”

BP Marsh was a long-term backer of London MGA and intermediary Kentro before the business was sold to Florida-based retail broker Brown & Brown in May 2023.

The deal, first reported by The Insurer, handed Kentro an enterprise value of 380 million pounds and an equity value of circa 280 million pounds. BP Marsh sold its circa 18.7% stake for 51.5 million pounds, having first invested in Kentro in August 2014, with an initial equity investment of 1.5 million pounds for a 5% holding

The investment in Amiga continues the relationship between BP Marsh and former Kentro/Nexus executives, with the MGA's founder and CEO Colin Thompson currently holding a 4% stake in the London-listed venture capitalist following a further stake-build in February this year.

Industry entrepreneur Thompson – who is understood to have owned circa 19% of Kentro before the sale – resigned as CEO of the firm in July last year and is understood to be serving out his notice period in the garden until October this year.

BP Marsh chief investment officer Dan Topping said: “BP Marsh are delighted to be backing Amiga and its experienced leadership at this early stage. Adam Kembrooke brings deep sector knowledge in the specialty insurance market and a strategy for growth. We believe Amiga is well positioned to capitalise on opportunities available within the speciality market, and we look forward to supporting their journey.”