Credit insurance and surety specialist Xenia has bought Peter Hill Credit & Financial Risks, a specialist trade credit insurance and surety broker, marking its seventh acquisition since it was set up two and a half years ago.
Xenia was formed by managing general agent Nexus Group in 2019 as part of Nexus’ plan to continue the strategic expansion of its broking operations both in the UK and internationally. The unit consolidates Nexus’ broking activities, segregating them from the group’s underwriting operations.
Since then, Xenia has acquired numerous businesses, including the whole turnover trade credit and financial and specialty risk teams from Lloyd’s insurance broker Parker Norfolk & Partners, which it purchased last month.
This latest transaction, which completed on November 30, will see the Peter Hill business fully integrated into Xenia in the coming months, with the broker’s director Mark Davison and bond and credit insurance director Dave Smith staying on to run the business from their current offices in Northampton.
“Peter Hill’s reputation, client service ethos and sector specialisms are highly complementary to Xenia’s,” says Tim Coles, CEO of Xenia. “The union underlines our strategy to combine with similar independent firms who share our vision to create a driving force for the development and growth of the trade credit and surety markets.”
“This is a great opportunity for Peter Hill and our clients as we will be complimented by Xenia’s capability in this very specialised market,” adds Smith. “We are encouraged by the capacity available with our insurers and with the expectation that there will be increased requirement for bonds during 2022.”