Insurance brokerage PIB Group has acquired Citynet Insurance Brokers for an undisclosed sum.

Citynet, was founded 17 years ago, is a London-based Lloyd’s broker which places commercial business into the London market on behalf of UK and Irish intermediaries.

Citynet secured Lloyd’s accreditation in 2005 and is owned entirely by its working directors.

The acquisition will allow Citynet to further expand its existing customer base.

The deal is PIB's 12th in 19 months. It follows three recent purchases of aQmen Underwriting, Morton Michel and Franklands in the last six months.

Citynet CEO Richard Scott said: “Joining PIB is an exciting prospect and I’m looking forward to bringing our expertise to the Group which should enable new and different conversations with all our clients. Everyone in Citynet is passionate about sourcing innovative solutions to unusual challenges and hard-to-place risks.

“We’re very pleased to become part of a larger group, while maintaining the partnerships we have built up over the years with other insurance professionals that are based upon trust, transparency and excellent service.”

PIB CEO Brendan McManus said: “Richard and his 70-strong team are renowned in the market for their expertise, specialist products and services.

“They align perfectly with those provided by our existing businesses and will make a strong contribution towards our Group strategy to deliver significant organic and acquisitive growth over the next five years.”

PIB Group comprises the business of PIB Insurance, Cooke & Mason, Sigerson Associates, Fish Insurance, Channel Insurance Brokers, QPI Legal, Thistle Insurance Services, TFP Schemes, DE Ford, Franklands, Morton Michel, aQmen underwriting and Citynet Insurance Brokers.

The group provides a range of specialist teams, products and services to clients across the UK and Channel Islands and operates from a network of offices currently in London, the Midlands, the North, Scotland, East Anglia and the South West, as well as Guernsey.

Image: Citynet CEO Richard Scott. Photo: Courtesy of PIB Group.