Insurance brokerage PIB Group, founded just in 2014, has made its 12th investment in 19 months – acquiring 17-year-old wholesale Lloyd’s broker
Citynet Insurance Brokers for an undisclosed sum.
Citynet chief executive Richard Scott and his management team will remain at the helm of the business following the completion of the transaction. The wholesale Lloyd’s broker specialises in the placement of commercial business into the London market on behalf of UK and Irish intermediaries.
“We are really looking forward to becoming a part of the PIB Group,” commented Scott. “Brendan [McManus] and his team have built a very good business in a short period of time and we are excited to be joining them so early in their journey.
“We believe Citynet and our customers will benefit from being part of a bigger group while also being able to add value to PIB Group companies. We will continue to focus on our core principles of service, trust, and transparency which have enabled us to achieve the growth we have enjoyed in recent years.”
Indeed, the young brokerage has grown rapidly through its multiple acquisitions. It comprises the business of PIB Insurance, Cooke & Mason, Sigerson Associates, Fish Insurance, Channel Insurance Brokers, QPI Legal,
Thistle Insurance Services, TFP Schemes, DE Ford, Franklands, Morton Michel, aQmen Underwriting, and now Citynet.
“I’m absolutely delighted that Citynet has chosen to join PIB Group and continue to grow with our support and investment,” said PIB chief executive Brendan McManus. “Richard and his 70-strong team are renowned in the market for their expertise, specialist products, and services.
“They align perfectly with the products and services provided by our existing businesses and will make a strong contribution towards our Group strategy to deliver significant organic and acquisitive growth over the next five years.”
PIB Group operates from a growing network of offices in London, the Midlands, the North, Scotland, East Anglia, and the South West, as well as Guernsey. It offers a range of specialist teams, products, and services to clients across the UK and Channel Islands.
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