Xenia Broking Group Limited, the credit insurance and surety specialist, has acquired a majority stake in Hong Kong-based insurance broker, Capstone Insurance Brokers Limited – its ninth acquisition in three years.
The takeover of Capstone Insurance Brokers marks the beginning of Xenia’s international expansion and broadens the group’s product offering into new and emerging business lines.
Over the last three years, Xenia has now made nine acquisitions, which has seen the company grow to become one of the biggest credit insurance and surety specialists in the UK.
Once the transaction completes, Capstone’s management team will continue to run the operation while maintaining a minority stake.
Xenia Group’s Chief Executive Officer (CEO), Tim Coles, commented: “This is a transformative deal for Xenia, marking our first international acquisition and adding breadth and diversity to our product range as we develop our vision to become the leading specialist broker for credit, financial risks and financial lines insurance internationally.
“The team at Capstone has created a seriously impressive business in the past three years. They have demonstrated great entrepreneurial aptitude and agility, successfully establishing themselves as a market-leading financial lines broker in Hong Kong and a pioneer for digital asset insurance in Asia.
“Their expertise and our shared hunger for growth – which we will support with our M&A experience and capital – undoubtedly creates a unique force to be reckoned with in the Asian insurance market.”
David Halley, Co-Founder and Managing Partner of Capstone, added: “We are delighted to have found in Xenia a business that shares our vision, outlook and ambition. The union will accelerate our plans to grow by helping us to attract the very best specialist talent to Capstone and by enabling us to execute our acquisition strategy.
“We also look forward to broadening our product offering across Asia, including for credit and financial risks for which Xenia has unparalleled experience and expertise.”
