PIB buys Citynet Insurance Brokers
Consolidator has made 12 deals in the past 19 months.
PIB Group has bought Citynet Insurance Brokers for an undisclosed sum.
The deal is the 12th investment made by PIB in 19 months, and follows the purchases of aQmen Underwriting, Morton Michel and Franklands in the past six months.
Citynet is a London-based Lloyd’s broker which places commercial business into the London market on behalf of UK and Irish intermediaries. It was founded 17 years ago.
Specialisms
According to PIB the firm’s specialisms include liability, motor fleet, property and professional indemnity.
Richard Scott, CEO of Citynet, and his management team will continue to lead the business following the completion of the deal.
Brendan McManus, CEO of PIB, commented: “Richard and his 70-strong team are renowned in the market for their expertise, specialist products and services.
“They align perfectly with those provided by our existing businesses and will make a strong contribution towards our group strategy to deliver significant organic and acquisitive growth over the next five years.”
Conversations
Scott stated: “Joining PIB is an exciting prospect and I’m looking forward to bringing our expertise to the group which should enable new and different conversations with all our clients.”
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