PIB buys Croydon-based BK Insurance Brokers

The broker is PIB’s 26th deal and operates in the property, corporate, private clients and SME sectors.

PIB Group has bought Croydon-based BK Insurance Brokers for an undisclosed sum, Insurance Age can reveal.

This is the 26th business that PIB has invested in since its launch in 2015.

According to PIB, BK Insurance Brokers was established in 1981 with trading history as far back as 1970, and provides insurance solutions to the property, corporate, private clients and SME sectors.

It added that the broker has access, partner or scheme status with over 100 different insurance markets, and arranges over 10,000 policies every year.

All the existing staff will remain, including Paul Denton who will lead the business as managing director.

In addition, Shilpesh Patel will provide oversight and support during the broker’s integration into the Specialty division of PIB, which is home to the Group’s specialist commercial lines brokers.

Opportunity
Shilpesh Patel, MD for BK Insurance Brokers, commented: “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.”

He continued: “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.”

Brendan McManus, CEO for PIB Group, commented: “We spend a lot of time looking at specialist businesses in the market with a strong growth story, and enjoy meeting people or teams that inspire us and who we feel would get on well with everyone within the Group.

“We look forward to collaborating with our new colleagues to open up our specialisms for the benefit of their clients.”

He added that BK Insurance Brokers would complement and strengthen PIB’s range of product and services.

PIB further stated that its “pipeline remains strong” and that the business is set to continue growing through acquisitions and organically.

Deals
Last December, PIB announced it had bought motor specialist Cooper Solutions just days after it purchased CMR Insurance Services and Sue Smith Ltd.

Last year, McManus also revealed that PIB’s current deal with private equity backer The Carlyle Group is due to finish around 2021 and the broker is already seeking fresh longer-term investment.

In its last set of financial results for 2018, it was revealed that PIB had spent a total of £50.7m on acquisitions in 2018.

Last year the business also began its international expansion with the purchase of Optis Insurance in Ireland.

McManus told Insurance Age last February that the consolidator planned to expand into more countries in Europe.

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