Lloyd's insurer Barbican Group Holdings has acquired Manchester-based managing general agency Professional Indemnity Protect (PI Protect).

Barbican said that it will retain the PI Protect brand and the underwriting team in Manchester which will lead to the development of its UK regional professional indemnity underwriting business.

PI Protect managing director Kevin McParland said that the deal is significant step forward for the company.

Barbican chief executive David Reeves said that this acquisition represents a good underwriting fit with the company’s portfolio and is an effective way to accelerate its development in the UK PI sector.

"By bringing together these two businesses, we aim to build upon the very firm foundations that PI Protect has established, drawing upon the support and resources of Barbican Group to take the business to the next level, while offering wider opportunities in the UK regional market."