Ever-growing PIB Group Ltd has made its third acquisition of the year.
This time around it’s the turn of London-headquartered specialist financial lines managing general agent Acquinex to come under the PIB umbrella, following the latter’s swoop for UK & Ireland Insurance Services Ltd in January and Element Hinton (Insurance Brokers) Ltd earlier this month.
The latest purchase, financial terms of which were not disclosed, also represents the insurance intermediary group’s first deal following formal completion of the investment poured into PIB by funds advised by private equity firm Apax Partners.
Acquinex, which came to life in 2017, specialises in underwriting warranty & indemnity and tax liability insurance for UK and European SME (small- and medium-sized enterprises) transactions. Outside the UK, the mergers & acquisitions MGA has offices in Germany, Poland, and Denmark.
“I’d like to give a very warm welcome to everyone at Acquinex, another highly specialist firm to be joining PIB Group,” stated chief financial officer Ryan Brown (pictured).
“Our new colleagues are a fantastic addition, who have impressed us with their bespoke approach to underwriting along with a real depth in technical expertise and knowledge, which is exceptional for a business of this size and scale.”
According to the CFO, Acquinex’s strategic ambitions for internationalisation match that of PIB’s. Snapping up the business signifies the group’s foray into the Nordics, and the first time PIB has bought a European financial lines MGA.
Brown added: “We look forward to investing into other countries and regions, as well as extending into other financial product lines.”
Led by underwriting managing director Chris Thompson and operations managing director Chris Jackson, Acquinex’s 20-strong pan-European team has insured more than 700 deals, around 300 of which were solely in the past year.
Jackson commented: “We are delighted by the success of Acquinex in a relatively short space of time and thrilled to be in a position to become part of a larger organisation through PIB Group.
“There is a real alignment of interests for further geographical expansion and developing our product lines, thanks to PIB’s investment and financial support. The fact that this fits with the broader strategy of PIB is what makes this a great partnership.”
Meanwhile, Brown believes Acquinex has “so much potential,” offering what he described as exciting collaboration opportunities for everyone.
“We look forward to harnessing the team’s energy to take Acquinex to the next level which in turn will support PIB’s long-term ambitions and MGA offering,” said the chief financial officer.
