London-based credit insurance and surety specialist Xenia Broking Group has agreed to buy the trade credit business of Credit Insurance Alliance (Brokers).
Xenia will integrate the acquired entity within its regulated entity Credit Risk Solutions (CRS) upon deal completion on 10 May 2021.
Financial terms of the transaction were not shared.
Credit Insurance Alliance (CIA) directors Deana Kearns and Eileen Barter have lauded the deal, calling it a “natural” step for the firm.
“We greatly look forward to working with a partner that understands our strengths and customer-centric values and who we know will provide first class service and expertise to our clients,” they said.
CIA focuses on placing trade credit insurance to secure businesses against insolvency or default of their UK or overseas customers.
The independent credit insurance broker is headquartered in the West Midlands.
Xenia CEO Tim Coles said: “CIA has built an excellent track record for client engagement, innovative solutions and service quality over the last 13 years – and CIA recognises Xenia as a natural home for its clients because of our specialism, expertise and culture of client service.
“The union supports our strategy to build a leading trade credit broking business that delivers outstanding outcomes for our expanding client base.”
The latest continues Xenia’s buying spree. Last month, it snapped up Status Credit Insurance Brokers – a specialist trade credit broker based in East Grinstead, England.
In 2020, it acquired Howden UK Group’s trade credit business, preceded by the takeover of Credit & Business Finance (CBF) in 2019.
In a separate development in the UK, Royal London recently agreed to acquire Wealth Wizards, a financial guidance and advice provider.
Established in 2009, Wealth Wizards leverages machine learning and artificial intelligence to offer financial advice.