Political and credit risk insurance broker Texel has acquired a 50% interest in US-based Meridian Finance Group.

The firm also expects to open an office in New York later this year or early next year to further grow its US business.

Texel is a privately-owned, independent Lloyd’s insurance broker with offices in London and Singapore. Its clients include large investment and commercial banks, commodity traders and international corporates.

Meridian specialises in brokering domestic and export credit insurance and trade finance, helping middle-market and small businesses increase their US and international sales. It will continue to operate as Meridian in the US and be led by its founder and president, Gary Mendell, with support and investment from Texel.

In a statement, Texel says the acquisition will allow the two companies to “expand the use of credit insurance and other trade finance tools and to assist trade on a global basis”.

Andy Lennard, chairman of Texel Group, comments: “We believe that our combination will provide both Meridian and Texel clients with the ability to place insurance on a 24/7 basis. We are extremely excited by this opportunity and the potential synergies that will come from this transaction.”