Tees-based internet insurance broker UKinsuranceNET has become the 30th acquisition for national intermediary group, PIB Group.
Established in 2001 and headquartered in a 6,000 square-foot office at Preston Farm, UKinsuranceNET began life as an independent broker offering landlords’ insurance and other protection products.
Since then, the business has rapidly grown and now specialises in providing both standard and bespoke insurance products for residential and commercial property owners including landlords, multi-occupancy homes, Airbnb, unoccupied properties, holiday homes and properties undergoing renovation.
The 51-strong team provides both online and telephony support to its clients.
Following the completion of the deal, all employees will remain with the business led by managing director Suzanne Eeles, with founding managing director Steve Bradley providing support on a consultancy basis.
Thanks to the acquisition, UKinsuranceNET is now in the position to create three new jobs initially, with a view to creating more in future, renewing its commitment to investing in the local area.
The UKinsuranceNET deal is backed by investment from The Carlyle Group, a US-based global investment specialist which manages $217 billion in assets.
UKinsuranceNET managing director Suzanne Eeles (pictured above, right), said: “After 20 years as a successful independent broker, we wanted to push ourselves to the next stage.
“We are proud to be part of the Tees Valley business community and are delighted to be able to apply our North East work ethos as part of a larger network.
“We have always been early adopter of new technologies and ahead of the curve when it comes to both internal and customer-facing systems, including our online multi-quote facility that compares policies from a panel of leading UK Insurers.
“We’re market leaders and have experienced growth and success, even throughout lockdown, so taking the next step is a fantastic opportunity.
“We are very excited to be joining PIB Group with a clear focus to accelerate long term sustainable growth. We were impressed by the resources that PIB can make available to us, and the opportunities this presents by developing our relationships with the other businesses in the group.
“Our main focus will be on continued growth and as part of PIB, we also remain committed to our current distribution channels, and the range of products we currently offer to our customers.”
UKinsuranceNET is one of several businesses that PIB has been pursuing as part of its ongoing mergers and acquisitions activity and growing acquisition pipeline.
More deals are expected to close this year as part of PIB’s ambitious ten-year growth plan to continue building a diverse business focused on niches and specialisms across retail and wholesale assets in the UK and beyond.