British insurance coverage middleman PIB Group has continued its deal-making spree with the acquisition of Nottingham-based RS Insurance coverage Brokers.
Monetary phrases of the transaction stay undisclosed.
The acquired firm, which focuses on fleet {and professional} indemnity traces of enterprise, expands PIB’s portfolio of specialist choices.
It’s anticipated to bolster PIB’s attain throughout the Midlands area.
As a part of the acquisition, eight RS staff will be a part of PIB.
RS managing director Karll Smith stated: “One of many promoting factors for PIB is that I’ll get to do full time one of the best little bit of my job, which is to exit and win enterprise and make new relationships with shoppers. We had a number of gives and PIB’s phrases had been one of the best for everyone concerned.
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“I get to maintain working the enterprise the way in which I run it now and I get to develop it as quick as I can. As a result of successful a deal and servicing shoppers is what provides me an incredible buzz and being a part of PIB means I can focus 100% of my time on shoppers with entry to greater markets.”
PIB Insurance coverage Brokers regional managing director for North East and East Midlands Charlie Upton stated: “I’m delighted that Karll Smith selected PIB to spend money on his enterprise and be a part of our rising success story. As a outstanding chief, he could have the prospect to raise his enterprise to new heights with the funding that comes with an acquisition like this.”
In July, PIB reached a conditional deal to accumulate Nord Group in a bid to increase its operations in central and japanese Europe.
With round 250 consultants in Poland, Nord Group is engaged in providing danger administration, insurance coverage and reinsurance options.
It serves shoppers in diverse sectors equivalent to public sector, monetary providers, development, power and healthcare.
In April, PIB purchased STEIN Bestasig Insurance coverage Dealer, marking its entry into the Romanian market.
