Xenia, the broking arm of insurance intermediary Nexus Group, has agreed to buy the trade credit business of UK-based Status Credit Insurance Brokers for an undisclosed sum.

The transaction, which closes next month, will see Xenia integrate Status’ trade credit business into its regulated entity, Credit Risk Solutions, which was the first trade credit broker acquired by Nexus in 2017.

Following its launch in March 2019 as part of Nexus’ plans to segregate its broking activities from its underwriting operations, Xenia raised £16mn to finance merger and acquisition activity in order to build what it says will be the leading independent broker in the trade credit insurance market.

Its acquisitions thus far include the trade credit business of Howden UK Group in March 2020, and the purchase in 2019 of trade risk specialist Credit & Business Finance (CBF)

“This is a complementary acquisition for us, one which extends and improves our client reach and service offering,” says Tim Coles, CEO of Xenia. “The fact that a business of the quality of Status has agreed that Xenia is the right home for its clients is supportive of our strategy to build a leading trade credit broking business.”

Lance Atwell, founder of Status, will be joining Xenia as a consulting director, and will be responsible for managing the migration of client relationships from Status to Xenia, assisting in client renewals and supporting new business initiatives.