MGA Nexus and trade credit broker Xenia to be sold to Brown & Brown
US insurance brokerage Brown & Brown has agreed to buy London-based Kentro Capital, including subsidiaries MGA Nexus Underwriting and trade credit broker Xenia.
The transaction is expected to close in the fourth quarter of 2023, subject to receipt of required regulatory approvals.
Kentro, managing over £500 million of gross written premium, boasts a dedicated team of over 350 insurance experts located across various global offices in the UK, US, Europe, Asia, and Dubai. Established in 2008, the Kentro group of companies include Nexus, Xenia, Millstream, Capstone Brokers, and Spectrum Risk Management.
Nexus, operating as a specialty managing general agent, underwrites across a diversified portfolio of 20 risk classes, including trade credit, financial lines and aviation, through a network of over 800 retail broker partners in nine countries.
Xenia is a retail trade credit brokers in the UK, with over 1,500 policyholders ranging from large corporates to SME customers. Millstream operates as a specialty travel and personal accident provider; Capstone Brokers provides access to the Asian marketplace for complex financial lines and digital asset risks; and Spectrum Risk Management offers intermediary, agency and advisory services in the MENA regions and Asia.
Following the acquisition, the Kentro Group and its businesses will maintain their existing operations, leadership team, brand identity, and market focus. Colin Thompson, the CEO of the Kentro, will remain at the helm, supported by Stuart Rouse in his role as CFO. Moving forward, they will collaborate closely with key Brown & Brown senior leaders, including Mike Bruce, Senior Vice President; Chris Walker, Executive Vice President; and Barrett Brown, executive vice president.
Walker said: "We are very excited to have Colin, the Kentro senior leaders and their talented staff join the Brown & Brown team. The cultural alignment between our businesses demonstrates our shared vision and commitment to assisting customers of all sizes to meet their unique risk management needs. Leveraging the Power of WE across our programmes businesses and adding new specialty capabilities to our portfolio strengthens our presence with London markets and positions us for continued growth.”
Thompson commented: “Joining the Brown & Brown team marks an exciting and pivotal milestone in the success and future of the Kentro Group. What has set the Kentro Group aside from others is our real-life entrepreneurial drive and ability to innovate, ably accomplished by our highly talented team. For me, it was crucial that Brown & Brown shares this approach and can support our desire to turbo-charge the growth and success of Kentro while ensuring the rewards flow to every teammate within the Group. We are at an extremely exciting time in our continued growth and development as a Group, and coming together with Brown & Brown will serve as an enabler and a catalyst for further sustained success.”
Barrett Brown added regarding Xenia: “We look forward to working with Tim Coles, Xenia’s CEO, and the entire Xenia Broking team. The great capabilities they bring will add significant value to our Retail segment teammates and customers. The breadth of their specialization in trade credit will drive our continued growth and expanded presence in the U.K. and Western Europe and provide for new opportunities in the U.S.”
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