Xenia buys two specialist teams from Lloyd's broker PNP

Xenia Broking Group has bought the whole turnover trade credit and financial and specialty risk teams from Lloyd’s broker Parker Norfolk & Partners (PNP).

The transaction marks Nexus-owned Xenia’s sixth deal to date, and brings two business units together with five experienced brokers into the Xenia Group.

Earlier this year, Xenia purchased Credit Insurance Alliance Brokers and Status Credit.

The business was launched by Nexus Group in 2019, when the company merged its broking activities into one business and bought specialist trade credit broker Credit and Business Finance.

Its trade credit broking businesses were officially brought together under the trading name Xenia in August 2020. This followed Nexus’s deal to buy Credit Risk Solutions in 2017.

Launch
According to Xenia, the latest deal also marks its launch into the financial and specialty risks market, a complementary class of business which it said was “very much in line” with its strategic goal of providing clients with a comprehensive range of credit, financial and specialty products.

As part of the acquisition, PNP and Xenia committed to working closely together to ensure a quick and seamless transfer of business and an uninterrupted service for all clients.

Tim Coles, Xenia Group CEO, commented: “This acquisition not only builds upon 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.

“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 and Laura and their teams.”

Portfolio
Richard Bishop, head of financial and specialty risks at PNP, added: “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.”

Laura Ferguson, head of trade credit at PNP, concluded: “As a team we are pleased to be joining Xenia. We see this as an exciting opportunity to be part of a dynamic company with ambitious plans for the future. 

“Xenia’s core values match our own, with a focus on using expertise to build relationships and understanding with clients, and finding the right solution every time.”

Xenia detailed that it now has more than 65 employees and operates in seven locations across the UK.

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