Xenia Broking Group has announced the acquisition of trade credit and financial and specialty risk teams from specialist insurance broker Parker Norfolk & Partners (PNP).

Xenia did not disclose the financial value of the deal, which marks the company’s entry into the financial and specialty risks market.

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The acquisition of PNP, which is a Lloyd’s insurance broker, is in line with Xenia’s goal of offering a range of credit, financial and specialty products.

Xenia Group CEO Tim Coles said: “This acquisition not only builds upon Xenia’s successful strategy of acquiring high-quality trade credit businesses but also marks the exciting first steps towards Xenia’s long-term strategic goal of becoming a diversified, international specialist broking group, providing a broad range of expertise and innovative solutions for our clients.”

The deal marks the sixth acquisition by the Xenia, which is a UK-based independent trade credit and surety insurance specialist.

It brings two business units and five brokers into Xenia Group.

Parker Norfolk & Partners financial and specialty risks head Richard Bishop said: “Having spent the past three and half years building a strong portfolio of clients, this acquisition represents an exciting opportunity for us and is great recognition for all we have achieved to date, particularly given the challenges the business has faced during the global pandemic.

“We look forward to working closely with Tim and the team to make Xenia one of the leading exponents of Credit, Financial and Specialty risks in the London Market.”

Earlier this year, Xenia brokered a deal to acquire the trade credit business of Credit Insurance Alliance.