London-based PIB Group has expanded into Ireland by acquiring Optis Insurances, a managing general agent (MGA) that serves the Irish SME sector, for an undisclosed price.
Image: Optis Insurances acquired by PIB Group. Photo: courtesy of rawpixel/Unsplash.com.
Optis Insurances, which marks the 19th acquisition of PIB Group, is part of the insurance intermediary group’s European growth plans.
The Irish managing general agent, which was established in 2008, serves various A rated insurers. Currently, it offers a suite of combined liability and commercial combined packaged products for construction, retail, property owners, hospitality, manufacturing, distribution and other sectors.
PIB CEO Brendan McManus said: “Optis has experienced excellent growth over recent years, which is testament to the high quality organisation, reputable underwriting partners and a loyal customer base built by the Optis team.
“The offering provided by Optis will further enhance our business and I look forward to investing in their continued success in their current market and beyond.”
Optis Insurances is said to have created a technology platform for the Irish insurance marketplace, which enables cost-effective distribution of insurance products for insurers.
The Irish managing general agent distributes the insurance products through an online platform solution, offering instant quotes and also the ability to transact and get cover immediately for users.
As per the terms of the acquisition, the Irish firm’s existing management team will continue to lead the business.
Optis Insurances director said: “The last ten years have been exceptional thanks to the ongoing support of our customers and insurers. We are looking forward to joining PIB and pursuing opportunities that will enable us to meet our ambitions of becoming the leading independent portal for the distribution of insurance products to Irish intermediaries.”
Last month, PIB Group announced the launch of Q Underwriting Services, a new legal and regulated entity made from the company’s three specialist MGA businesses.
Q Underwriting Services has been formed from the combination of aQmen Underwriting Services, TFP Schemes and Thistle Underwriting Services, which represent the underwriting division of PIB Group. The newly formed entity offers brokers direct access to more than 30 niche commercial lines products.