Xenia buys West Midlands-based trade credit broker
The Nexus-owned business says Credit Insurance Alliance Brokers will be integrated with its Credit Risk Solutions unit.
Credit insurance and surety specialist Xenia Broking Group has agreed to buy the trade credit business of Credit Insurance Alliance Brokers (CIA).
The Nexus-owned business stated that CIA is an independent trade credit broker based in the West Midlands. Xenia bought trade credit specialist Status Credit last month.
The transaction is expected to complete on 10 May 2021 and Xenia detailed that CIA will be integrated with its Credit Risk Solutions (CRS) operations.
Xenia Broking Group was formed in 2019 when Nexus merged its broking activities into one business and bought specialist trade credit broker Credit and Business Finance.
The company had previously purchased CRS in 2017 and its trade credit specialist brokers were brought together under the Xenia trading name last August.
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Tim Coles, CEO of Xenia, commented: “This acquisition represents a real win for both parties. CIA has built an excellent track record for client engagement, innovative solutions and service quality over the last 13 years - and CIA recognises Xenia as a natural home for its clients because of our specialism, expertise and culture of client service.
“The union supports our strategy to build a leading trade credit broking business that delivers outstanding outcomes for our expanding client base. We greatly look forward to welcoming Deana, Eileen and the CIA clients to Xenia.”
Deana Kearns and Eileen Barter, directors of CIA, added: “This transaction with Xenia is a natural and exciting step for CIA. We greatly look forward to working with a partner that understands our strengths and customer-centric values and who we know will provide first class service and expertise to our clients.”
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