Xenia Broking Group Ltd. (XBGL) announced it has agreed to acquire the trade credit insurance business of Linda Scott Associates Limited (LSA).
The transaction is expected to complete on Dec. 22, subject to certain closing conditions, following which XBGL will integrate the business within its regulated entity, Xenia Broking Ltd. (Xenia).
Financial details of the deal were not disclosed.
Led by founder and Managing Director Linda Scott, LSA is a specialist independent trade credit insurance broker based in Glasgow and established in 1991.
Xenia is the UK’s leading independent specialist trade credit and surety broker, and this deal marks its 10th acquisition since formation in 2019. Xenia is a subsidiary of Kentro Capital Group, and this transaction marks Kentro’s 25th acquisition to date.
“Linda Scott Associates has an outstanding reputation for client engagement, innovative solutions and service quality, particularly within the food and agriculture sectors, for which it has significant expertise,” commented Tim Coles, CEO of Xenia, in a statement.
“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 the excellent LSA team and their clients to Xenia,” Coles added.
“I absolutely echo Tim’s comments and agree that our union is the best way forward for LSA, and more importantly the best option for our long-term, very loyal clients,” said Linda Scott, managing director of Linda Scott Associates. “We very much look forward to working with Xenia and increasing our combined market share through our dedication to understanding clients’ needs and providing first-class client service.” .
About Xenia Broking Group
Xenia is a specialist credit insurance, surety, financial, professional and political risk broker. It is one of the largest independent credit insurance brokers in the UK and a leading financial lines broker in Hong Kong. While mainly in the UK, Xenia’s acquisition of Capstone Insurance brokers in Hong Kong this year expanded its service offering and was an important step in the development of its international expansion.
Xenia is a wholly owned subsidiary of Kentro Capital Ltd., a holding company with a focus on investing in MGAs and insurance brokers globally. Kentro provides institutional support to its wholly owned businesses and employs over 300 staff in eight countries: UK, France, Germany, Italy, The Netherlands, USA, China (Hong Kong SAR) and Malaysia (Labuan FT).
Source: Xenia Broking Group
Mergers & Acquisitions
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