It is the 26th business that PIB has invested in since its launch in 2015.
Nottinghamshire-based insurance intermediary PIB Group has acquired BK Insurance Brokers, an insurance brokerage firm, for an undisclosed amount.
Founded in 1981, the Croydon, Surrey-based BK Insurance Brokers offers insurance solutions to property, corporate, private clients and SME sectors.
The firm is claimed to have achieved continuous growth, having access, partner or scheme status with more than 100 different insurance markets, arranging over 10,000 policies each year.
BK Insurance Brokers managing director Shilpesh Patel said: “Since our formation almost 40 years ago, BK Insurance Brokers has enjoyed providing bespoke insurance solutions to meet the needs of our clients. Joining PIB Group is a great opportunity which enables us to continue with our growth ambitions, while playing our part in helping the Group to meet its long-term ambitions.
“We are looking forward to being part of a wider Group and working with an extended network of experts for the benefit of our clients and our people.”
Paul Denton is appointed as BK Insurance’s managing director
The team of BK Insurance Brokers will be intact including Paul Denton, who will lead it as the managing director.
Shilpesh Patel will provide oversight and support in the integration of BK Insurance into the specialty division of PIB, which is the company’s specialist commercial lines broker.
PIB Group CEO Brendan McManus said: “We look forward to collaborating with our new colleagues to open up our specialisms for the benefit of their clients. Likewise, Shilpesh and his team will complement and further strengthen our broad range of products and services across the Group.”
Last month, PIB Group had acquired employee benefits division and client book of business from Sanlam Wealth Planning UK. The division will trade under PIB Employee Benefits brand led by David Skinner.
Sanlam Employee Benefits is claimed to have specialists who support the needs of all types of companies ranging from small, family-run businesses to large, globally recognised household names.