The 35th acquisition to date – that’s what Barbon Insurance Group has become after PIB Group Ltd swooped for the tenant referencing and specialist landlords and lettings insurance intermediary.
Barbon, which will now be led by new chief executive Andy Halstead, is an insurance broking and related services provider with a focus on the UK private rental market. It is the name behind the HomeLet, Let Alliance, and Rentshield Direct lettings brands.
“I am very excited to lead Barbon and being part of PIB Group makes this prospect all the more exciting,” commented Halstead, who succeeds Martin Totty. The latter had previously indicated his intention to step down in 2020.
Barbon chair Alex Pietruska, meanwhile, is staying put and will provide continuity and support as the business integrates into PIB.
Halstead, who was CEO of Let Alliance when it merged with Barbon 12 months ago, went on to say: “I would like to thank Martin for all his support while we have been working hard together behind the scenes to prepare for this transition.
“As always, our customers and our team members will remain at the heart of everything we do as we look forward to collaborating with our new colleagues at PIB to develop a unique, full-service insurance offering.”
Without disclosing financial terms of the transaction, PIB said it will strengthen the group’s existing proposition across the “highly resilient” lettings sector which is poised to offer significant growth opportunities.
“I’m absolutely delighted to welcome to PIB Group another highly specialist business with an outstanding reputation in its sector,” stated PIB chief executive Brendan McManus. “Our investment in Barbon represents an excellent strategic fit, thanks to its consistent growth and multiple synergies which will enhance our expertise in the lettings sector and complement PIB’s overall retail proposition.
“I look forward to collaborating with our new colleagues to strengthen what is already the UK’s leading insurance intermediary for the private rental sector.”