PIB Group Limited has acquired Worcestershire-based specialty broker Balens, signalling its entry into the health, wellbeing, fitness and beauty sectors.
The deal includes Balens Limited and its wholly owned subsidiaries Balens Europe B.V. (based in the Netherlands and regulated by AFM), as well as Balens Insurance Finance Services Limited. Balens continues to be family-run – with the fourth generation currently handling the business – and it is one of the largest brokers of its kind in the UK. Balens serves about 100,000 health, wellbeing, fitness and beauty professionals, businesses, affinity groups and not-for-profit organisations.
“This is a very special business, and I am absolutely delighted that PIB Group will become their new home,” said PIB Group CEO Brendan McManus. “Over several decades, David and the team have built an excellent business and earned a loyal customer base. Their deep expertise in their specialist areas is an obvious draw for PIB. However, we have been equally impressed by their genuine concern for customers, ethics and integrity that is firmly engrained in their culture. They’re a great fit for PIB.”
“I am delighted that we will be joining the PIB Group! This is an important step for Balens to help take us up to the next level. It will also help develop and improve our structures and service, giving us a greater resilience and bargaining power on behalf of our clients,” added Balens chairman David Balen.
Balen also mentioned that his family has been on an “amazing” journey since 1950, and much of his company’s success is testament to Balens’ brilliant teams and loyal clients.
“I have always believed that insurance is about trust, quality relationships and good communication as the essential roots to our ever-growing tree as depicted in our logo and brand. I believe our values are very much aligned to those of PIB, which will be a great new home, from which to continue to grow and expand our business ethically and organically into the future,” the chairman commented.
Just last week, PIB Group acquired Irish commercial insurance broker Fingal Insurance Group. Fingal is the latest in PIB Group’s Ireland acquisitions, joining the ranks of other Irish brokers that have joined the group, including Campion Insurance, Creane & Creane, Oliver Murphy, and Alan Tierney & Partners.
