Credit insurance and surety specialist Xenia Broking Group has acquired the UK trade credit and surety business of Tysers Insurance Brokers (Tysers).
The transaction was completed on 11th January and marks Xenia’s eighth acquisition to date and fifth in the last nine months, having acquired Peter Hill Credit & Financial Risks in December.
It is also Xenia’s second acquisition of a trade credit client portfolio from a general broker, reinforcing recognition of Xenia’s specialist capability and ability to provide exceptional service to trade credit clients.
Martyn Locke, Client Director, will transfer to Xenia with the client portfolio.
Tim Coles, CEO of Xenia, said: “2021 was an exciting and productive year for Xenia on the acquisition front and we are delighted to start 2022 by welcoming Martyn Locke to Xenia.
“In addition to gaining Martyn’s experience and long-standing trade credit relationships, we look forward to Martyn playing a key role in expanding our London presence, including in support of our Financial and Speciality division and supporting growth of our surety capability.
“We are pleased that Xenia’s position as a market-leading specialist in trade credit has been recognised by Tysers in selection of the right home for Martyn and his portfolio of clients. We look forward to working closely with Tysers beyond this transaction.”
Martyn Locke, Client Director at Tysers, said: “I’ve greatly enjoyed building the portfolio at Tysers, and starting a new chapter as part of Xenia as the leading specialist trade credit & surety broker in the UK is an exciting opportunity.
“Ensuring a smooth transition for my clients is a key priority and I look forward to being part of Xenia’s ambitious growth plans.”
Bob Pybus, Head of Retail, Tysers, added: “Our clients are front and centre of all considerations at Tysers. We are delighted to be transferring our trade credit portfolio to a specialist broker where clients will continue to receive an outstanding service.
“The sale of the portfolio is part of our ongoing strategy to focus on and invest in the businesses where we have the expertise and opportunity to grow.
“We wish Martyn every success in his new role and thank him for his great contribution whilst at Tysers. We are looking forward to seeing the portfolio prosper under Xenia’s ownership.”
