Wyelands Capital has acquired London-based worldwide insurance solutions provider Trans-World Credit Corporation, which becomes a full member of the GFG Alliance.
The Trans-World team has a broad track record in the provision of insurance broking services, particularly within the field of political and trade credit underwriting. The acquired business will be the lead broker for trade credit risk insurance for members of the GFG Alliance globally as well as working towards the creation of a captive insurance programme.
The team’s first key project within Wyelands Capital will be to launch phase one of a new online proprietary platform designed to streamline and accelerate the process of assessing requests for credit insurance.
Wyelands Capital has also announced it has entered into a strategic partnership with Demica, one of the world’s largest working-capital Fintechs, to provide inventory finance to global commodity producers and traders. As part of this partnership, Wyelands Capital has also acquired an equity stake in Demica.
The partnership will combine Wyelands’ and GFG Alliance’s extensive trading network relationships. Wyelands joins JRJ Group, Toms Capital, and 76 West Holdings as investors in Demica.
To help drive its ambitious growth, Wyelands has also made several senior appointments. Among these is Simon Grenfell, formerly of Macquarie, Morgan Stanley, Goldman Sachs and most recently as global head of commodities at Natixis. He has joined Wyelands as head of financial restructuring and a non-executive director of Wyelands Bank. In addition, Simon Nasta, formerly of Allen & Overy LLP and the Bank of London and The Middle East plc joins as Group General Counsel. His most recent role was as General Counsel of First Bank of Nigeria.
GFG’s Executive Chairman Sanjeev Gupta said: “Wyelands Capital is a fundamental part of the GFG Alliance, providing financial services to the group and third parties. I am delighted by the growth of Wyelands both with Wyelands Bank as one of the fastest growing banks in the UK and Wyelands Capital as our core financial services provider.”
He added: “The new online platform will play a key role in providing insurance across the whole alliance and continue to build its third-party work. Our aim is to provide industry-friendly financial solutions that will plug gaps in the marketplace to enable companies to grow. There is still a significant need in the commodity and industrial sectors for competitive financing and insurance.”
Jay Hambro, Chief Executive of Wyelands Capital said: “These are very exciting times for Wyelands. We now have a London-based team of nearly 50 professionals with global experience and we’re particularly pleased to welcome people of the high-calibre of Simon Grenfell, Jeremy Hughes and Simon Nasta to that team.”