Nexus launches Xenia Broking Group Limited
PRESS RELEASE: Acquisitive insurance intermediary Nexus Group (Nexus) today announces the formation of Xenia Broking Group Limited (Xenia). Based in London, the new entity will consolidate Nexus’ broking activities which will remain independent and segregated from the Group’s underwriting operations.
Nexus Group Non-Executive Director Jeremy Adams has been appointed as Chairman of the Xenia Board of Directors. Jeremy has extensive industry experience, including previous roles such as Chief Executive of Novae Syndicates, as one of the five founding directors of broker Special Risk Services, and with senior positions at brokers Willis and Aon, where he broked a diverse range of classes of business.
Tim Coles becomes CEO of Xenia alongside his role as Nexus Group COO. Tim also has extensive broking experience through his previous role as CEO of Howden Broking Group.
Jeremy and Tim are joined on the Xenia board by Mike Clark, Hayden Tennant and Lisa Humphries, the three directors of Credit Risk Solutions (CRS), the leading independent Trade Credit broker acquired by Nexus in 2017.
Nexus Group CEO Colin Thompson and Nexus Group CFO Stuart Rouse complete the initial board composition.
Xenia has been formed as Nexus believes that there is great potential to build independent distribution capability in specialty product areas, and plans to continue the strategic expansion of its broking operations both in the UK and internationally. To execute this strategy, Xenia has raised funds for a pending acquisition and another announcement is due imminently.
Tim Coles said:
“Xenia was formed in order for us initially to continue building our trade credit broking capability and to do so independently of Nexus’ underwriting divisions. We are very excited for Xenia’s future as we have a rich pipeline of new opportunities to explore and believe we are offering an ideal platform for those specialists that want to retain independence whilst unifying with similarly ambitious teams and benefitting from expert insight and invaluable industry experience.”