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PIB Group makes 19th swoop

PIB Group makes 19th swoop | Insurance Business

PIB Group makes 19th swoop

PIB Group has made its 19th acquisition – expanding into Ireland with its swoop for managing general agent (MGA) Optis Insurances Limited.

Chief executive Brendan McManus (pictured) said the deal, Brexit aside, is part of the insurance group’s longer-term growth strategy. PIB Group is keen to grow in Europe and will be tapping the Irish SME sector through Optis, whose products are distributed through a proprietary online platform solution.

“I’m delighted that Optis is joining PIB for this important milestone,” commented McManus. “Optis has experienced excellent growth over recent years, which is testament to the high-quality organisation, reputable underwriting partners, and a loyal customer base built by the Optis team.

“The offering provided by Optis will further enhance our business, and I look forward to investing in their continued success in their current market and beyond.”

Optis’s existing management team will continue to lead the business, which operates as an MGA for a number of A-rated insurers. Its suite of combined liability and commercial combined packaged products caters to enterprises in areas such as construction, retail, hospitality, and manufacturing.

“The last 10 years have been exceptional, thanks to the ongoing support of our customers and insurers,” noted Optis director Olivier Rodriguez.

“We are looking forward to joining PIB and pursuing opportunities that will enable us to meet our ambitions of becoming the leading independent portal for the distribution of insurance products to Irish intermediaries.”

Meanwhile McManus added that preparations have been made that will allow PIB Group to operate in Europe, saying the enterprise is committed to meeting customer needs “no matter what the future holds.”

Financial terms of the transaction were not disclosed.