Xenia Broking Group, the independent broking arm of insurance intermediary holding company Nexus Group, has completed its acquisition of the trade credit business of Howden UK Group Limited.
The acquisition was announced last month, and will see Xenia integrate Howden’s trade credit business with its regulated entity Credit Risk Solutions Limited (CRS).
“The acquisition of Howden’s Trade Credit business has added a highly complementary client portfolio and client service team to Xenia,” said Tim Coles, CEO of Xenia.
“Together, we look forward to providing exceptional service and results for our clients and particularly so through the current economic climate for which Xenia’s collective experience and capability sets us apart,” Coles continued.
“We are delighted to welcome Stuart and his team into the group and very much look forward to working together.”
Chris Evans, CEO of Howden UK, also commented: “Xenia is clearly now the leading independent trade credit intermediary in the UK. Whilst Howden will now concentrate on our highly successful global trade credit, surety and political risks business, I am confident our UK regional trade credit customers will benefit greatly from the specialist proposition presented by Xenia.”
And finally, Stuart Grice, Head of Trade Credit, Howden UK, stated: “I am very excited that our team is partnering with Xenia to deliver best-in-class products and services to our clients. Our culture which is underpinned by independence and entrepreneurship makes this an ideal fit.”
“Our initial focus post acquisition will be on ensuring a smooth transition for our business and team, and a seamless continuation of trading for all existing and new clients, and insurers,” Grice added.
Nexus launched Xenia Broking Group Limited in March 2019 and Xenia currently comprises specialist trade credit brokers CRS, acquired in October 2017, and Credit & Business Finance, acquired in March 2019.
