The transaction is expected to complete in May

Xenia Broking Group has entered into an agreement to acquire the trade credit business of Credit Insurance Alliance (Brokers) Limited (CIA).

Based in the West Midlands, CIA is an independent credit insurance broker specialising in placing trade credit insurance.

The transaction is expected to complete on 10 May, when Xenia will integrate the business within its regulated entity, Credit Risk Solutions Limited (CRS).

Trade credit insurance protects businesses against the insolvency or default of their UK or overseas customers.

‘Exciting’ next steps

Tim Coles, chief executive of Xenia, said: “This acquisition represents a real win for both parties.

“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.”“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.

CIA directors Deana Kearns and Eileen Barter 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.”