UK's PIB Group buys regional broker in expansion move

UK-based insurance intermediary PIB Group has acquired Croydon, Surrey-based BK Insurance Brokers, an independent brokerage serving the property, corporate, private clients and SME sectors, as part of its business expansion strategy.

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

Following the deal, BK Insurance Brokers will be integrated into PIB's specialty division. All the existing team of the company will remain, including Paul Denton who will lead the business as managing director.

PIB said that its pipeline remains strong and the business is set to continue growing through acquisition and organically, including the beginnings of an international expansion.

Brendan McManus, CEO for PIB Group commented: “I’d like to give a very warm welcome to everyone at BK Insurance Brokers who join us at the start of another exciting year at PIB. 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. Likewise, Shilpesh and his team will complement and further strengthen our broad range of products and services across the Group.”

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. 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.”