The Texel Group

What The Texel Group does

The Texel Group is a specialist credit and political risk insurance broker founded in London in 1997 by Andy Lennard. The firm places non-payment insurance (NPI) on behalf of financial institutions (banks, development finance institutions, multilateral development banks, non-bank financial institutions), commodity traders, and corporate organisations with cross-border exposures. Core products include single-name NPI, structured portfolio solutions (including significant risk transfer / SRT and synthetic securitisation), commodity trade finance insurance, and corporate political risk covers. Texel's SRT franchise has facilitated protection on portfolios exceeding USD 44 billion and the firm has executed over USD 10.3 billion of unfunded credit protection for MDBs and DFIs over the past four years, with USD 3.3 billion in claims paid between 2007 and 2019.

The firm operates from five offices (London, Brussels, New York, Los Angeles, Singapore) under FCA, FSMA and MAS regulation, accessing the Lloyd's of London market and a global panel of A- and above-rated public and private insurers. Revenue is generated through brokerage commissions on insurance policies placed; pricing is quote-based and not publicly disclosed. Texel runs Connexion, a proprietary digital platform hosted on AWS that manages the full deal lifecycle (submission, negotiation, insurer response tracking, document generation, DocuSign-integrated e-signature, payments and portfolio dashboards) with AES256 encryption and token-based access controls.

In July 2025 the group transitioned to 100% employee ownership via the Texel Employee Ownership Trust (EOT), and a CEO succession from founder Andy Lennard to long-tenured deputy William Shaw has been announced for 2026. The Texel Foundation, established in 2015, receives 10% of net profits and has donated over £3 million to over 100 programmes across 23 countries. The firm is privately held with no external funding rounds disclosed.

Name

The Texel Group

Legal name

The Texel Group

Website

https://thetexelgroup.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

The Texel Group is a London-headquartered specialist credit and political risk insurance broker placing non-payment insurance for financial institutions, commodity traders, and corporate organisations across five global offices, with over USD 44 billion in SRT portfolio protection facilitated.

Ownership category

akta.pro rank

Product category

Insurance Brokerage Services

NAICS

Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Surety & Bond Brokerage (FSAEADAI)

Keywords

• Credit risk insurance
• Political risk insurance
• Insurance brokerage services
• Non-payment insurance
• Trade credit insurance

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Brokerage Services: Texel acts as a specialist credit and political risk insurance broker, negotiating and placing non-payment insurance products with insurers on behalf of clients. Revenue is generated through brokerage commissions on insurance policies placed.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

The Texel Group is a specialist credit and political risk insurance broker that arranges non-payment insurance (NPI) on behalf of financial institutions, commodity traders, and corporate organisations. The firm accesses Lloyd's of London and other A-/AA-rated public and private insurers to place coverage that protects against borrower/counterparty default and political events. The firm also delivers bespoke structured portfolio solutions, Significant Risk Transfer (SRT) transactions, commodity trade finance insurance, and corporate insurance solutions, supported by its proprietary digital placement platform Connexion.

Product overview

The Texel Group is a specialist credit and political risk insurance broker offering a comprehensive suite of products and services. Their core offering centers on Non-Payment Insurance (NPI) solutions, including Structured Portfolio Solutions with Significant Risk Transfer (SRT) capabilities for synthetic securitisation, Commodity Trade Finance Insurance, and Corporate Insurance Solutions. The company operates the Connexion digital platform for managing the entire insurance lifecycle—from deal submission through negotiation, execution, and portfolio management. Additional offerings include bespoke structured solutions, Texel Insights research publications, and the Texel Foundation philanthropic programme. The company has executed over USD 10.3 billion of unfunded credit protection and over USD 44 billion in SRT transaction protection.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-Payment Insurance (NPI) Specialist non-payment insurance (NPI) brokerage covering borrower/counterparty default and political risk, placed with Lloyd's of London and other A-/AA-rated insurers on behalf of financial institutions, commodity traders, and corporates.
• Structured Portfolio Solutions Bespoke structured portfolio insurance solutions for financial institutions and large corporates, designed to provide capital relief and risk transfer across defined credit exposures.
• Commodity Trade Finance Insurance Non-payment and political risk cover for commodity trade finance transactions, prepayments, and cross-border commodity flows, placed on behalf of commodity trading counterparties.
• Corporate Insurance Solutions
• Connexion Digital Placement Platform Proprietary digital platform providing secure (AES256, AWS-hosted) insurance placement, document management, DocuSign e-signature workflows, and API-enabled connectivity for institutional clients and brokers.
• Significant Risk Transfer (SRT) Transactions Bespoke Significant Risk Transfer (SRT) transactions enabling financial institutions and large corporates to transfer defined credit risks to insurers for capital and risk optimisation.

Quantifiable outcome

• Capital relief on insured transactions by swapping borrower's probability of default with insurer's A- to AA credit rating
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and strategic.

• Islamic Corporation for the Development of the Private Sector (ICD)coreStrategic or Co-development Partner · 19 June 2025MoU signed to establish a framework to use non-payment insurance as a strategic tool to support ICD's mandate of fostering private sector development across its member countries. The partnership aims to strengthen portfolio resilience, optimise capital allocation, and mobilise additional financing into priority sectors and markets.
• Aareal BankcoreStrategic or Co-development PartnerTexel advised Aareal Bank on its first SRT transaction, placing unfunded protection with the insurance market for a €2 billion CRE portfolio. The transaction enabled Aareal Bank to offer investors and insurers exposure to a high-quality commercial real estate portfolio.
• Islamic Development Bank GroupcoreStrategic or Co-development PartnerMoU signed during IsDB Group annual meeting in Baku. The partnership is part of ICD's strategic commitment to advancing private sector-led growth across member countries.
• MS AmlincoreTechnology or IntegrationLloyd's of London insurer providing insurance protection through syndicate platforms for structured finance and SRT transactions.
• Mosaic InsurancecoreTechnology or IntegrationLloyd's of London insurer providing insurance protection through syndicate platforms for structured finance transactions.
• Pangea RiskstrategicStrategic or Co-development PartnerJoint report partnership producing the Global Development Finance in 2026: Capital under Constraint report, examining forces reshaping how capital reaches vulnerable economies.
• Lloyd's of LondoncoreTechnology or IntegrationTexel has access to Lloyd's of London insurance market as a key distribution channel for placing credit and political risk insurance.
• African Development BankcoreStrategic or Co-development PartnerTexel supported the arrangement of a €200m sustainable loan for the Republic of Togo, working with the African Development Bank's concessional lending arm.
• Deutsche BankstrategicStrategic or Co-development PartnerWorked alongside Deutsche Bank in the €200m sustainable loan transaction for the Republic of Togo.
• Legal & GeneralstrategicStrategic or Co-development PartnerLegal & General was the lead investor in the €200m sustainable loan transaction, with insurance protection enabling them to become the African Development Fund's first non-bank beneficiary lender.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Marsh: Global insurance broker and risk advisor (part of Marsh McLennan) with a dedicated Credit & Political Risk practice. Directly competes with Texel across NPI, SRT and structured credit solutions, but also offers a much broader portfolio of services to financial institutions and corporates. Several Texel directors were former Marsh/JLT brokers.
• Aon: Global insurance and reinsurance broker with a Credit & Political Risk team serving banks, DFIs and corporates. Overlaps with Texel on NPI placement, SRT structuring and political risk programmes, and is a regular competitor on tendered mandates. Multiple Texel directors previously brokered at Aon.
• Willis Towers Watson (WTW): Global advisory and insurance brokerage firm with a specialist Credit & Political Risk practice serving financial institutions and exporters. Direct competitor to Texel on NPI and structured credit mandates, with broader risk and HR consulting adjacencies. Several Texel directors joined from WTW.
• JLT Specialty (now part of Marsh): Pre-2019, JLT Specialty was one of Texel's most direct specialist competitors in credit and political risk broking; multiple Texel directors were former JLT/Marsh brokers. Now absorbed into Marsh, the legacy JLT team continues to compete with Texel on the same institutional client base.

Direct peers

• Howden: London-headquartered specialist insurance broker with significant credit, political risk and trade credit capabilities, competing head-to-head with Texel on NPI placements for banks, DFIs and corporates across Europe, Asia and the Americas. Like Texel, Howden operates a focused specialist model with global offices.
• Ed Broking: London-based specialist insurance and reinsurance broker with strong energy and trade credit capabilities. Competes with Texel on NPI placements for commodity traders and energy clients; one Texel associate director previously brokered in Ed Broking's energy department.
• RFIB Group: London-based specialist insurance and reinsurance broker with a focus on political risk, credit and trade credit. Direct competitor to Texel on NPI for DFIs and commercial banks; one Texel director previously brokered at RFIB.
• Cooper Gay (now part of Aon): Historic London specialty broker with strong credit and political risk capabilities, now integrated into Aon. Continues to compete with Texel on NPI mandates; a former Texel director previously brokered at Cooper Gay.
• Miller Insurance Services: London-headquartered independent specialist insurance and reinsurance broker with political risk and credit capabilities. Competes with Texel on NPI placements for financial institutions and corporate clients, particularly in emerging markets.

Emerging players

• BPL Global: Specialist broker focused on structured credit, political risk and trade credit solutions, competing with Texel on bespoke mandates for development banks and ECAs. Smaller scale than Texel but overlaps on structured portfolio solutions.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/thetexelgroup

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Texel Group