Brown & Brown has reached a deal to purchase UK-based insurance firm Kentro Capital, including Nexus Underwriting and Xenia Broking.

Kentro currently manages more than £500m of gross written premium.

It has more than 350 employees offering services across the UK, US, Europe, Asia, and Dubai.

Founded in 2008, Kentro’s group of companies, which includes Nexus, Xenia, Millstream, Capstone Brokers and Spectrum Risk Management, primarily focuses on product specialisation and underwriting.

Nexus currently underwrites across 20 risk classes that involve trade credit, financial lines and aviation.

It employs a network of more than 800 retail broker partners in nine countries to serve its clients.

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UK-based retail trade credit broker Xenia has over 1,500 clients such as large corporates and small and medium-sized enterprises.

Awaiting regulatory clearances, the latest deal is anticipated to complete in the fourth quarter of this year.

Once the deal is closed, the Kentro Group and its separate business entities will continue to run as usual under the same management, brand, and market focus.

Kentro Group CEO Colin Thompson will remain the head of the business and work directly with senior leaders of Brown & Brown.

Brown & Brown executive vice-president Chris Walker said: “We are very excited to have Colin, the Kentro senior leaders and their talented staff join the Brown & Brown team.

“The cultural alignment between our businesses demonstrates our shared vision and commitment to assisting customers of all sizes to meet their unique risk management needs.”