The transaction marks the 30th acquisition for PIB, and follows its international expansion through acquisition of Germany-based Marx Re-Insurance Brokers
UK-based insurance advisory firm PIB has announced the acquisition of Internet Insurance Services UK (UKinsuranceNET), an online insurance provider, for an undisclosed amount.
The transaction marks the 30th acquisition for the company and follows its international expansion through the acquisition of Germany-based Marx Re-Insurance Brokers.
PIB Group CEO Brendan McManus said: “I’m delighted to welcome everyone at UKinsuranceNET. They’re another great fit for PIB because of their specialist focus and online capabilities, as well as their brilliant customer service levels. They are a fantastic business which will further strengthen our property portfolio.
“We have several acquisitions in due diligence at the moment, and we are working hard to understand the impact of the coronavirus on these businesses, and undertaking all the normal diligence work to make sure that we’re protected”
Acquisition of UKinsuranceNET is part of PIB’s ongoing M&A programme
UKinsuranceNET was established in 2001 in Stockton on Tees, as an independent broker providing products for landlords’ insurance and other protection products.
The firm was grown to offer insurance products for residential and commercial property owners including landlords, multi-occupancy homes, Airbnb, unoccupied property, holiday homes and properties undergoing renovation.
A team of 51 employees work for UKinsuranceNET, providing services through an online offering and over the telephone.
Once the transaction is completed, all employees are expected to continue in same positions, led by managing director Suzanne Eeles, and the business’ founder and previous MD Steve Bradley would provide support on a consultancy basis.
PIB said that acquisition of UKinsuranceNET is part of its ongoing M&A activity, which is expected to close more deals in this year, to build a diverse business.
UKinsuranceNET managing director Suzanne Eeles said: “After 20 years as a successful independent broker, we wanted to push ourselves to the next stage. We are very excited to be joining PIB Group with a clear focus to accelerate long term sustainable growth.
“We were impressed by the resources that PIB can make available to us, and the opportunities this presents by developing our relationships with the other businesses in the Group.
“Our main focus will be on continued growth and as part of PIB we also remain committed to our current distribution channels, and the range of products we currently offer to our customers.”