19 July 2019 – The REG Network, the on-demand leading RegTech solution for automating legally and regulatory mandated counterparty risk management from REG (UK) Ltd (‘REG’), has been selected by The Nexus Group (“Nexus”), a leading specialty MGA, to provide counterparty due diligence and agency management across its companies globally.
Nexus utilise the REG Network to establish new agencies, administer existing broker relationships and to facilitate regulatory oversight and governance.
Jonathan Rusby, Chief Commercial Officer of REG, said: “We are delighted to be working with Nexus. The global nature of Nexus’s underwriting business means that not only do they need to comply with FCA requirements in the UK, but also with the requirements of regulators in multiple jurisdictions.
The REG Network allows Nexus and their producing brokers to save time and cost, reducing the burden of repetitive manual inputs and checks of key corporate and regulatory data. This allows for faster and more seamless business critical agency administration from day one, including the electronic exchange and signing of TOBAs internationally.”
Tim Coles, Chief Operating Officer of the Nexus Group, said: “REG is proving to be an invaluable business partner, simplifying and helping create efficiencies in our processes and controls. We look forward to working with them further as we grow our UK and international presence, and implement solutions that allow us to better service our businesses.”
REG continues to develop the features available within the REG Network to support the requirements of its clients, members and the insurance industry.