Xenia launches into financial and specialty with Parker Norfolk acquisition
Nexus-owned Xenia Broking Group has launched into financial and specialty risks with the acquisition of the whole-turnover trade credit, financial and specialty risk teams from Parker Norfolk & Partners, the specialist Lloyd’s broker.
Xenia said the deal, its sixth acquisition to date, is in line with its goal of providing clients with a “comprehensive range” of credit, financial and specialty products.
The broker said it will work closely with Parker Norfolk to ensure a quick and seamless transfer of business and an uninterrupted service for clients.
Richard Bishop, head of financial and specialty risks at Parker Norfolk & Partners, 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.”
Tim Coles, Xenia Group CEO, added: “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.”
Xenia made the first of its six acquisitions back in 2019 through the purchase of specialist trade credit broker Credit & Business Finance (CBF).
The group also agreed to buy Sussex-based trade credit specialist Status Credit earlier this year.
Status Credit has a particular specialism in construction credit insurance, which it has built on over the past 18 years, according to its website.