Xenia Broking Group Ltd (through appropriately licensed associated group entities) has acquired the whole turnover trade credit and financial and specialty risk teams from specialist Lloyd’s insurance broker Parker Norfolk & Partners Ltd (PNP). The transaction marks Xenia Broking Group’s (Xenia) sixth acquisition to date, and brings two high quality business units together with five experienced brokers into the Xenia Group, ensuring a secure future for the businesses, employees and clients.
The deal also signifies Xenia’s launch into the financial and specialty risks market, a complementary class of business very much in line with Xenia’s strategic goal of providing clients with a comprehensive range of credit, financial and specialty products, further supporting Xenia’s position as a market leading specialist credit and surety broker.
As part of the acquisition, PNP and Xenia will work closely together to ensure a quick and seamless transfer of business and an uninterrupted service for all clients.
Tim Coles, Xenia Group CEO, commented:
“This acquisition not only builds upon Xenia’s successful strategy of acquiring high quality trade credit businesses, but also marks the exciting first steps towards Xenia’s long-term strategic goal of becoming a diversified, international specialist broking group, providing a broad range of expertise and innovative solutions for our clients.
We have a proven track record of providing an innovative and fertile environment for performance and success, into which we greatly look forward to welcoming Richard and Laura and their teams.”
Richard Bishop, Head of Financial and Specialty risks at Parker Norfolk & Partners Ltd, said:
“Having spent the past three and half years building a strong portfolio of clients, this acquisition represents an exciting opportunity for us and is great recognition for all we have achieved to date, particularly given the challenges the business has faced during the global pandemic. We look forward to working closely with Tim and the team to make Xenia one of the leading exponents of Credit, Financial and Specialty risks in the London Market.”
Laura Ferguson, Head of Trade Credit at Parker Norfolk & Partners Ltd, said:
“As a team we are pleased to be joining Xenia. We see this as an exciting opportunity to be part of a dynamic company with ambitious plans for the future. Xenia’s core values match our own, with a focus on using expertise to build relationships and understanding with clients, and finding the right solution every time.”
With more than 65 employees and seven locations in the United Kingdom, Xenia is the largest independent trade credit and surety insurance broker in the UK.
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