In the latest acquisition news from PIB Group (PIB), the firm has announced its investment in its 26th business with the acquisition of Croydon-based BK Insurance Brokers. Established in 1981, BK Insurance Brokers is an independent brokerage with a trading history that goes back as far as 1970 and provides insurance solutions to the property, corporate, private clients and SME sectors.
The business has recorded continuous growth and boasts access, partner or scheme status with over 100 different insurance markets, arranging over 10,000 policies every year. As per the terms of this acquisition, all the existing team will remain, including Paul Denton who will lead the business as managing director. Shilpesh Patel will provide oversight and support during integration into the specialty division of PIB, which is home to the group’s specialist commercial lines brokers.
“Since our formation almost 40 years ago, BK Insurance Brokers has enjoyed providing bespoke insurance solutions to meet the needs of our clients,” said Shilpesh Patel, MD for BK Insurance Brokers. “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.”
Meanwhile, PIB Group CEO Brendan McManus extended a “warm welcome” to the team.
“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,” he said. “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.”
2020 is already off to a busy start for PIB and, looking ahead, the pipeline remains strong as the group is set to continue growing through acquisition and organically, with the year bringing the beginnings of an international expansion.