The dealer is PIB’s 26th deal and operates within the property, company, personal purchasers and SME sectors.
PIB Group has purchased Croydon-based BK Insurance coverage Brokers for an undisclosed sum, Insurance coverage Age can reveal.
That is the 26th enterprise that PIB has invested in since its launch in 2015.
Based on PIB, BK Insurance coverage Brokers was established in 1981 with buying and selling historical past way back to 1970, and supplies insurance coverage options to the property, company, personal purchasers and SME sectors.
It added that the dealer has entry, associate or scheme standing with over 100 totally different insurance coverage markets, and arranges over 10,000 insurance policies yearly.
The present 17 employees will stay with the agency, together with Paul Denton who will lead the enterprise as managing director.
As well as, present MD Shilpesh Patel will present oversight and assist in the course of the dealer’s integration into the Specialty division of PIB, which is house to the Group’s specialist business strains brokers.
A spokesperson for PIB advised Insurance coverage Age that Patel shall be staying on for “not less than a yr” to help with integration.
Patel commented: “Since our formation nearly 40 years in the past, BK Insurance coverage Brokers has loved offering bespoke insurance coverage options to satisfy the wants of our purchasers.
“Becoming a member of PIB Group is a good alternative which allows us to proceed with our development ambitions, whereas enjoying our half in serving to the Group to satisfy its long-term ambitions.”
He continued: “We’re wanting ahead to being a part of a wider Group and dealing with an prolonged community of specialists for the good thing about our purchasers and our folks.”
Brendan McManus, CEO for PIB Group, commented: “We spend loads of time taking a look at specialist companies out there with a robust development story, and revel in assembly folks or groups that encourage us and who we really feel would hit it off with everybody inside the Group.
“We sit up for collaborating with our new colleagues to open up our specialisms for the good thing about their purchasers.”
He added that BK Insurance coverage Brokers would complement and strengthen PIB’s vary of product and companies.
PIB additional said that its “pipeline stays robust” and that the enterprise is about to proceed rising by way of acquisitions and organically.
Final December, PIB introduced it had purchased motor specialist Cooper Options simply days after it bought CMR Insurance coverage Companies and Sue Smith Ltd.
Final yr, McManus additionally revealed that PIB’s present cope with personal fairness backer The Carlyle Group is because of end round 2021 and the dealer is already searching for recent longer-term funding.
In its final set of monetary outcomes for 2018, it was revealed that PIB had spent a complete of £50.7m on acquisitions in 2018.
Final yr the enterprise additionally started its worldwide enlargement with the acquisition of Optis Insurance coverage in Eire.
McManus advised Insurance coverage Age final February that the consolidator deliberate to increase into extra international locations in Europe.
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