Xenia Broking Group has acquired a majority stake in Capstone Insurance Brokers, a Hong Kong-based company specialising in financial lines and digital asset insurance.
Tim Coles, Xenia Group CEO, described the deal as a transformative opportunity, marking the group’s first international acquisition. He added that the acquisition will allow Xenia to diversify its product range and cater to emerging classes of business on a global scale.
“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,” Coles said. “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.”
The deal with Capstone is Xenia’s ninth acquisition in three years. This significant growth has positioned the group as one of the largest credit insurance and surety specialists in the UK.
“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,” said David Halley, co-founder and managing partner of Capstone. “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.”
Capstone will continue managing the business in Hong Kong, maintaining an ongoing minority stake.
