Credit insurance and surety specialist Xenia has agreed to buy the trade credit business of Credit Insurance Alliance Brokers (CIA) for an undisclosed sum.

The transaction is expected to complete on May 10, following which Xenia will integrate CIA’s business into its regulated entity, Credit Risk Solutions.

“This acquisition represents a real win for both parties,” says Tim Coles, CEO of Xenia. “CIA has built an excellent track record for client engagement, innovative solutions and service quality over the last 13 years. The union supports our strategy to build a leading trade credit broking business that delivers outstanding outcomes for our expanding client base.”

This is the latest in a series of acquisitions by Xenia, which was launched by insurance intermediary Nexus Group in March 2019 as part of its plans to segregate its broking activities from its underwriting operations.

Last month, the company bought UK-based Status Credit Insurance Brokers for an undisclosed sum, and this followed the purchase of the trade credit business of Howden UK Group in March 2020, and the 2019 buyout of trade risk specialist Credit & Business Finance (CBF).