Brown and Brown acquires trade credit broker

Brown and Brown Europe has acquired CI Group Holdings as it looks to expand in the trade credit insurance market.

Founded in 2000, broker CI Group provides credit propositions for banks and other commercial lenders via its technology platform E-Bonded.

It currently covers over £6bn of trade turnover in the UK and internationally, with its customer base ranging from £250,000 to £250m in annual turnover.

Steve Stennett, chief executive at Xenia Broking, which is part of Brown and Brown, said: “CI Group is a highly respected and well-established trade credit insurance broker.

“The acquisition brings additional capabilities through the E-Bonded platform, which provides a connected ecosystem for lenders and SMEs, along with CI Group’s blue-chip lender customer base.”

Leadership

As part of the deal, CI Group will continue to be led by founder and managing director Mark Toulmin, who will work closely with Stennett.

“I have been impressed by Mark’s entrepreneurial philosophy, long-standing relationships with commercial customers and track record of success over the past two decades,” Stennett said.

“I’m really pleased he has chosen to commit his and the team’s future to Brown and Brown.”

Toulmin added: “We have been looking for a partner for several years to help build on our success.

“Discussions with Steve and his team were constructive from the outset and it quickly became clear that CI Group’s future, and that of the team and our customers, will be substantially enhanced as part of Brown and Brown.”