Acquisition-hungry PIB Insurance Brokers has agreed to purchase QPI Legal, a UK specialist broking and risk management firm providing insurance to the legal profession.
Brendan McManus, PIB chief executive, said the newly acquired Northampton-based broker will boost the growth of his company.
“We are delighted to have acquired QPI Legal, a firm which is strongly aligned to our values of bespoke service and the highest level of expertise in its specialist area,” he said.
“QPI will bolster our rapidly growing professional risks offering, and will help to ensure that we continue to provide firms with the opportunity to place their PI at a competitive price with a premium quality insurer,” McManus added.
Meanwhile, QPI legal managing director Phil Edwards expressed optimism about his company’s future with PIB.
“Given its history of putting together specialist teams that complement each other, we are very optimistic about the opportunities that lie ahead,” he said.
The latest transaction marks the fourth investment by PIB since a significant stake in the company was acquired by global alternative asset manager The Carlyle Group in December 2015.
Earlier this year, PIB acquired Cooke & Mason, Fish Insurance and Channel Insurance Brokers.
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