PIB Group, which recently made headlines with its announcement that it will be implementing a major rebrand across 12 of its businesses, has today revealed its full-year results for the year ended December 31, 2019. The key highlights include revenue of £123.3 million, which is an increase of 15% in comparison to 2018, a gross written premium of £986 million and organic revenue growth of 8%.
PIB’s divisions continued to evolve during the year, especially within its speciality sector, which accounts for 49.4% of the group’s revenues. It saw the addition of Steve Redgwell as CEO in January 2020 and will operate as PIB Insurance Brokers from October 2020. Its MGA division, meanwhile, is now known as ‘Q Underwriting’ following a move to unite PIB’s specialist MGA businesses under a new parent brand. This MGA division accounts for 14% of the group’s revenue.
Speaking on the financial results released today, the chief financial officer of PIB Group, Ryan Brown, said that the group is continuing to go from strength to strength, which is testament to the hard work and dedication of its staff.
“While our acquisition strategy continues to garner most of the headlines,” Brown said, “our cross-group collaboration and sustained market beating organic growth is facilitated by ongoing investment in our systems, processes and infrastructure, as well as our programmatic approach to the integration of acquired businesses, and our ability to attract market leading teams and individuals.”
As the group enters its fifth year, Brown believes it is carving itself a unique proposition in the market and that this uniqueness will only increase as it embarks on internationalisation. Looking to the future, he noted that PIB has kept up its momentum due its ambitious growth plans, having already made five acquisitions, including its first international business as well as the expansion of its capabilities into the reinsurance markets.
“Seeing how those investments start to flourish and bear fruit as they embed into the group over the coming months and find ways to collaborate with their peers is particularly exciting,” he said. “What is exciting is that the full impact of the investments we have made to date are yet to be seen in the group’s financial results. Combining these with the strong pipeline of exclusive acquisitions in due diligence will lead to a step change in both our revenues and our profit margins by the end of the year.”
Brown highlighted that the current environment is a time of great domestic and international uncertainty but believes that the strength of PIB’s infrastructure, platforms and staff will ensure it can support its clients, adapt to changing market dynamics and remain resilient throughout 2020 and beyond.
