Brown & Brown buys UK insurance group

Kentro Capital Limited – the London-headquartered group that includes Nexus Underwriting and Xenia Broking – has been acquired by Brown & Brown, Inc.

“Joining the Brown & Brown team marks an exciting and important milestone in the success and future of Kentro Group,” said Colin Thompson, chief executive of Kentro, in a release. “What sets Kentro Group apart from the rest is our real-life entrepreneurial drive and ability to innovate, which our talented team does well.

“For me, it is important that Brown & Brown share this approach and support our desire to turbocharge Kentro’s growth and success while ensuring that the rewards flow to every team member in the group. We are in a great It is an exciting time in our continued growth and development as a group, and joining Brown & Brown will serve as an enabler and a catalyst for further continued success.

Under the deal, the financial terms of which were not disclosed, Kentro’s companies Nexus, Xenia, Millstream, Capstone Brokers, and Spectrum Risk Management will continue to sell and operate under their respective brands. Thompson will also continue to lead the group with the support of chief financial officer Stuart Rouse.

Brown and Brown welcome

Among those who are “very happy” to have Thompson’s camp on board is Brown & Brown executive vice president Chris Walker, who cited the more than 350 “talented” people working in Kentro’s UK offices, US, Europe, and Asia.

“The cultural alignment between our businesses reflects our shared vision and commitment to helping customers of all sizes meet their unique risk management needs,” Walker said. . “Leveraging the Power of KAMI across our business programs and adding new specialty capabilities to our portfolio strengthens our presence in the London markets and positions us for continued growth.”

EVP Barrett Brown added: “We look forward to working with Tim Coles, the CEO of Xenia, and the entire Xenia Broking team. The many capabilities they bring will add significant value to our retail partners and customers .The breadth of their specialization in trade credit will drive our continued growth and expansion of presence in the UK and Western Europe and provide new opportunities in the US.

In addition to Brown and Walker, Brown & Brown senior vice president Mike Bruce will also work with Thompson.

One of the UK’s largest retail trade credit brokers, Xenia has more than 1,500 policyholders. Nexus, on the other hand, underwrites 20 risk classes through a network of over 800 retail broker partners in nine countries.

The acquired group, which handles over £500 million of gross written premium, also includes specialist travel and personal accident provider Millstream; Capstone Brokers, which provides access to the Asian marketplace for complex financial lines and digital asset risk; and Spectrum Risk Management, which offers intermediary, agency, and advisory services in Asia and the MENA (Middle East and North Africa) regions.

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