Online insurance broker UKinsuranceNET has become the 30th acquisition for intermediary group, PIB Group Limited.
Established in 2001 and headquartered in a 6,000 square-foot office in the NE of England, UKinsuranceNET began life as an independent broker offering landlord insurance and other protection products.
Since then, the business has rapidly grown and now specialises in providing both standard and bespoke insurance products for residential and commercial property owners including landlords, multi-occupancy homes, Airbnb, unoccupied properties, holiday homes and properties undergoing renovation.
Following the completion of the deal, all employees will remain with the business led by managing director Suzanne Eeles, with founding managing director Steve Bradley providing support on a consultancy basis.
PIB was established in 2015 and is growing rapidly, both organically and through acquisitions. The UKinsuranceNET deal is backed by investment from The Carlyle Group, a US-based global investment specialist which manages $217 billion in assets.
Suzanne Eeles, managing director, for UKinsuranceNET said:
“We are very excited to be joining PIB Group with a clear focus to accelerate long term sustainable growth. We were impressed by the resources that PIB can make available to us, and the opportunities this presents by developing our relationships with the other businesses in the group. Our main focus will be on continued growth and as part of PIB, we also remain committed to our current distribution channels, and the range of products we currently offer to our customers.”
Brendan McManus CEO for PIB Group, commented:
“We have several acquisitions in due diligence at the moment, and we are working hard to understand the impact of the coronavirus on these businesses, and undertaking all the normal diligence work to make sure that we’re protected. Interestingly, the pandemic is also producing a pipeline of new deals as we’ve been contacted by people who want to sell their business and that may provide an opportunity for us. We’re a buy and build model, so we’ll continue to focus on acquisitions as much as we can.”