Xenia Broking Group, the credit insurance and surety specialist, announced it has entered into an agreement to acquire Status Credit Insurance Brokers Ltd., a specialist trade credit broker, headquartered in East Grinstead, England.
The transaction will complete in April 2021, following which Xenia will integrate Status with its regulated entity Credit Risk Solutions Ltd. (CRS). Xenia is a subsidiary of Nexus Group, a London-based insurance intermediary and managing general agent.
Financial details of the deal were not disclosed.
“This is a complementary acquisition for us, one which extends and improves our client reach and service offering. Lance Attwell, founder and managing director of Status has built, over many years, a business which has an enviable reputation for client engagement, service quality and client retention,” commented Tim Coles, CEO of Xenia.
“The fact that a business of the quality of Status has agreed that Xenia is the right home for its clients is supportive of our strategy to build a leading trade credit broking business, one focused on delivering outstanding outcomes for our growing client base.
Lance Attwell, founder of Status, said: “Xenia is a natural home for Status. We have common values and a shared passion for service and the success of our clients. Xenia is an ambitious company with challenging yet achievable plans, plans which are founded on delivering world class outcomes and outstanding customer service.”
Xenia was formed through the union of two specialist credit insurance brokers, Credit Risk Solutions (CRS) and Credit & Business Finance (CBF) acquired in 2017 and 2019, respectively. With the 2020 acquisition of the Howden trade credit team, Xenia said it is positioned as one of the largest credit insurance brokers in the UK.
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