Insurance intermediary holding company Nexus Group announced that its independent broking arm, Xenia Broking Group, has entered into an agreement to acquire Howden UK Group’s trade credit broking business, based in Birmingham, Glasgow, Manchester and Cardiff.
Once the transaction is completed on March 31, 2020, Xenia will integrate Howden’s trade credit business with its regulated entity Credit Risk Solutions Ltd. (CRS). Financial details of the deal where not disclosed.
“This is an exciting and complementary acquisition for us and will form an integral part of Xenia going forward,” said Tim Coles, CEO of Xenia.
“The fact that a business of the quality of Howden has agreed that Xenia is the right home for its trade credit business further supports our strategy to build the leading independent trade credit broking business,” he added. “We are delighted to welcome Stuart [Grice] and his team into the group and very much look forward to, together, exceeding our clients’ expectations for service and results.”
Chris Evans, CEO of Howden UK, added: ‘Xenia is clearly now the leading independent trade credit intermediary in the UK and I compliment Tim and the Xenia team on what they have achieved. Whilst Howden will now concentrate on our highly successful global trade credit, surety and political risks business, I am confident our UK regional trade credit customers and trade credit experts will benefit from the specialist proposition presented by Xenia. Xenia and Howden will continue to work in close partnership.”
Stuart Grice, head of Trade Credit, Howden UK, added: “I am very excited that our team is partnering with Xenia to deliver best-in-class products and services to our clients. Our culture which is underpinned by independence and entrepreneurship makes this an ideal fit. Our initial focus post acquisition will be on ensuring a smooth transition for our business and team, and a seamless continuation of trading for all existing and new clients, and insurers.”
Stuart Grice will become client service director, North West and Scotland for Xenia, post completion.
Source: Nexus Group
Topics Mergers & Acquisitions
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