Credit insurance and surety specialist Xenia Broking Group (‘Xenia’) announced recently that it has entered into an agreement to acquire the trade credit business of Credit Insurance Alliance (Brokers) Limited (“CIA”).
CIA, a highly-regarded independent credit insurance broker based in the West Midlands, specialises in placing trade credit insurance which protects businesses against insolvency or default of their UK or overseas customers. The transaction is expected to complete on 10th May 2021, following which Xenia will integrate CIA’s business within its regulated entity Credit Risk Solutions Limited (“CRS”).
Tim Coles, CEO of Xenia, said:
“This acquisition represents a real win for both parties. 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. We greatly look forward to welcoming Deana, Eileen and the CIA clients to Xenia.”
Deana Kearns and Eileen Barter, Directors of Credit Insurance Alliance (Brokers) Limited, added:
“This transaction with Xenia is a natural and exciting step for CIA. 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.”