PIB Insurance Brokers has finalised the acquisitions of independent commercial insurance broker Cooke & Mason and specialist insurance firm Fish Insurance.
The company said the two transactions, which were first announced in February, have received regulatory approval.
“We are pleased to have completed the deals with Fish Insurance and Cooke & Mason and the associated FCA approval processes,” said PIB CEO Brendan McManus.
“We now look forward to working with our new colleagues in these great insurance businesses and providing clients with the highest levels of bespoke service and expertise.”
The acquisition includes the head office of Cooke & Mason in Retford, Nottinghamshire and the Lincoln office of Stepenson’s (2000) Limited, the trading name of the insurance broker.
Also included in the acquisition is Sigerson Associates, a sister company of Cooke & Mason, which provides a comprehensive risk management service for clients.
McManus said in February that PIB has “ambitious plans” to accelerate the development of Cooke & Mason’s business and brand.
“PIB has an exciting growth plan and we are pleased to be chosen as their partner to assist them in delivering their future plans,” Cooke & Mason chairman Steve Cooke said in response.
McManus added that PIB also seeks to speed up the growth of Fish Insurance, which he called an “exceptional niche insurance business.”
“Strategically and culturally it is a fantastic fit for PIB, its strong presence in a growing specialist space is the result of a client centric approach to providing the highest levels of expertise, guidance and service,” he said.
PIB is among the fastest growing insurance brokers in the UK. The latest acquisitions are its first two investments since global alternative asset manager The Carlyle Group acquired a significant equity stake in the company in 2015.
The deal with The Carlyle Group allowed PIB to accelerate growth through targeted acquisitions and a recruitment drive across the UK.