Xenia Broking Group, which last year snapped up the trade credit business of Howden UK, has now got its hands on the whole turnover trade credit unit of Parker Norfolk & Partners (PNP). The swoop, Xenia’s sixth to date, also includes PNP’s financial and specialty risks team – paving the way for the former’s foray into the market.
“This acquisition not only builds on 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,” said chief executive Tim Coles.
“We have a proven track record of providing an innovative and fertile environment for performance and success, into which we greatly look forward to welcoming Richard [Bishop] and Laura [Ferguson] and their teams.”
In a release, the specialist credit and surety broker described financial and specialty risks as a complementary class of business “very much in line” with its aim to offer a comprehensive range of credit, financial, and specialty products.
Commenting on the deal, financial terms of which were not disclosed, PNP financial and specialty risks head Richard Bishop noted: “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.
“We look forward to working closely with Tim and the team to make Xenia one of the leading exponents of credit, financial, and specialty risks in the London Market.”
Also pleased with the development is PNP trade credit head Laura Ferguson, who called Xenia a “dynamic” firm with ambitious plans moving forward. “Xenia’s core values match our own,” she added, “with a focus on using expertise to build relationships and understanding with clients, and finding the right solution every time.”
Meanwhile, Xenia said it will work closely together with the specialist Lloyd’s broker to facilitate a quick and seamless transfer of business for the benefit of clients.
