PIB Group (PIB) has completed the acquisition of Lorica Insurance Brokers, which is the company's thirteenth investment in 21 months.
It is also the second significant milestone this year for the Group, with the recent launch of its new PIB Risk Management division.
Trading since 2007 with its headquarters in Hertfordshire, Lorica is a leading independent insurance broker focussing on property, casualty, motor fleet and professional lines. With a predominately SME client base, key specialisms include theme parks and amusement arcades through its Leisure division, plus real estate specialising in Property Owners Business.
Lorica will continue to be led by joint CEO’s Stefan Puttnam (who leads the Broking and Finance operations) and Carlo Marelli (who oversees the Operations side of the business including Compliance, Claims, IT, HR and Marketing). They are supported by an experienced management team and approximately 100 employees located across a network of nine branches from Cornwall in the South through to Preston in the North.
Puttnam said: “When Brendan and his team approached Lorica to become part of PIB Group, we did not hesitate to jump at the chance of being part of their exciting journey. Our success over the last 18 months has evidenced what a great team we have at Lorica and the opportunity for the team to continue to progress and grow within PIB was too good to ignore.”
Marelli said: “I am delighted that Lorica has joined forces with PIB Group. Our decision was motivated by our shared goals of professionalism, providing the best service to our clients with a wider range of competitive products and excellent career opportunities for our employees. With greater financial investment to support our organic growth, we are truly excited about the future.”
According to PIB CEO Brendan McManus, the move reflects the Group’s continued focus on attracting businesses who are experts in specialist and niche markets to deliver against its 5-year plan to achieve significant organic and acquisitive growth.
McManus said: “We are very selective about who we welcome into the fold and I’m delighted that Stefan and Carlo have chosen to continue their success with the support of PIB Group. Their team has earned an excellent reputation in their chosen markets and I’m impressed by the strong relationships they have built with clients and insurers as well as their respective trade associations. I’m confident they will complement our existing Property and Leisure divisions very well.”
With Lorica coming onboard, PIB’s total headcount has risen to almost 1000 employees compared to 340 at the start of 2017.