Credit insurance and surety specialist Xenia’s acquisition spree continues apace, with the buy-out of the whole turnover trade credit and financial and specialty risk teams from Lloyd’s insurance broker Parker Norfolk & Partners for an undisclosed amount.
Xenia was launched in March 2019 by insurance intermediary Nexus Group in order to segregate its broking activities from its underwriting operations. Last year, the company raised £16mn to finance merger and acquisition activity to build what it says will be the leading independent broker in the trade credit market.
This latest transaction marks Xenia’s sixth acquisition to date, and also signifies its launch into the financial and specialty risks market.
“This acquisition not only builds upon Xenia’s successful strategy of acquiring high-quality trade credit businesses, but also marks the exciting first steps towards Xenia’s long-term strategic goal of becoming a diversified, international specialist broking group, providing a broad range of expertise and innovative solutions for our clients,” says Tim Coles, CEO of Xenia.
Xenia was formed through the union of two specialist credit insurance brokers, Credit Risk Solutions and Credit & Business Finance, acquired in 2017 and 2019 respectively. In April this year, the company bought the trade credit business of Credit Insurance Alliance Brokers. This followed the purchase of UK-based Status Credit Insurance Brokers in March. Prior to that, Xenia bought the trade credit business of Howden UK Group in March 2020.