Specialist UK broker Xenia Broking Group has acquired the UK trade credit and surety business of Tysers Insurance Brokers. The deal, which completed this week, will see Tysers’ client director Martyn Locke move with the account to Xenia.
Late last year, Xenia acquired Peter Hill Credit & Financial Risks, another trade credit and surety broker in the UK. Xenia said the acquisitions are in line with its ambitions to become the leading independent trade credit and surety broker in the UK.
Tim Coles, CEO of Xenia, said the Tysers account will help Xenia grow in the London market. “In addition to gaining Martyn’s experience and longstanding trade credit relationships, we look forward to Martyn playing a key role in expanding our London presence, including in support of our financial and speciality division, and supporting growth of our surety capability,” Coles said.
Locke said: “Starting a new chapter as part of Xenia, as the leading specialist trade credit and surety broker in the UK, is an exciting opportunity. Ensuring a smooth transition for my clients is a key priority and I look forward to being part of Xenia’s ambitious growth plans.”
Tysers said the sale of its trade credit book is “part of our ongoing strategy to focus on and invest in the businesses where we have the expertise and opportunity to grow”.