PIB Group, which earlier this month made its 20th investment since 2016, has released its financial results for the year ended December 31.
The insurance intermediary group reported a 79% increase in revenue to £106.8 million while gross written premium for the period reached £532 million. Compared to 2017 numbers, EBITDAE (earnings before interest, taxes, depreciation, amortisation, and exceptional items) surged 281% to £15.1 million.
If the 12 months’ pro forma effect of acquisitions and synergies – with which PIB has been busy – is taken into account, EBITDAE for 2018 would amount to £23.1 million. Last year saw the enterprise snap up the likes of Lorica Insurance Brokers and Wilby Insurance Brokers.
“We are delighted with the progress we made in 2018 as a group in what was only our third full year of operation,” commented PIB chief financial officer Ryan Brown (pictured).
“While the headlines have often been dominated by the acquisitions we have made, I am very proud of the hard work our team has put into an ongoing programme of integration and infrastructure excellence, all of which helps to manage cost and risk, and creating a sustainable, scalable, and efficient platform.”
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In a separate development, PIB has also completed a group debt refinancing with the help of both existing and new lenders – taking its total potential borrowings to more than £200 million.
“The level of interest we received from potential lenders, and the high quality nature of the lenders we have secured to support us moving forwards is a strong validation of the progress we have made in embedding and delivering against our three key strategic pillars: organic growth, acquisitions, and integration,” noted Brown.
“We continue to have a strong pipeline of opportunities, and with the continued support of The Carlyle Group and our new lenders, we remain on track to realise our ambition of creating a leading diversified specialist insurance intermediary which remains independent and privately financed for many years to come.”
