The acquisition further strengthens PIB Group’s proposition in the lettings sector
PIB Group has acquired Barbon Insurance Group, a UK-based tenant referencing and specialist landlords and lettings insurance intermediary, for an undisclosed price.
Established in 2005, Barbon Insurance offers a variety of insurance broking and related services focused on the private rental market in the UK. The company’s products are sold through the HomeLet, Rentshield Direct, and Let Alliance brands.
PIB Group, which is a UK-based insurance intermediary group, said that the acquisition bolsters its existing proposition across the lettings sector.
According to PIB Group, Let Property is already an area of substantial expertise within the group. It further stated that the sector is highly resilient and will provide considerable growth opportunities in the future.
PIB Group CEO Brendan McManus said: “Our investment in Barbon represents an excellent strategic fit thanks to its consistent growth and multiple synergies which will enhance our expertise in the lettings sector and complement PIB’s overall retail proposition.
“I look forward to collaborating with our new colleagues to strengthen what is already the UK’s leading insurance intermediary for the private rental sector.”
For Barbon Insurance, joining PIB Group will enable it and its lettings brands to benefit from access to a suite of additional products and services for their customers.
Barbon Insurance will have a new CEO in Andy Halstead, who replaces Martin Totty. The succession is said to be the next phase of the company’s evolution following its merger last year with Let Alliance.
Halstead said: “I am very excited to lead Barbon and being part of PIB Group makes this prospect all the more exciting. I would like to thank Martin for all his support while we have been working hard together behind the scenes to prepare for this transition.
“As always, our customers and our team members will remain at the heart of everything we do as we look forward to collaborating with our new colleagues at PIB to develop a unique, full-service insurance offering.”
PIB Group, which is backed by investment from The Carlyle Group and founded in 2015, has made 35 acquisitions so far. Last month, it acquired WDB, a Polish insurance broker, as part of its expansion plans in Europe.