PIB Group has acquired independent wholesale Lloyd’s broker Citynet Insurance Brokers.
The deal is the 12th investment made by PIB in the past year and a half and follows the acquisitions of aQmen Underwriting, Morton Michel and Franklands in the past six months.
The acquisition will provide Citynet Insurance Brokers with the opportunity for further expansion and growth without any compromise to its existing customer base in the UK and Irish markets.
Richard Scott, CEO of Citynet, and his management team will continue to lead the business following the completion of the deal.
Scott commented “We are really looking forward to becoming a part of the PIB Group. Brendan [McManus, CEO of PIB] and his team have built a very good business in a short period of time and we are excited to be joining them so early in their journey.”
“We believe Citynet and our customers will benefit from being part of a bigger group whilst also being able to add value to PIB group companies. We will continue to focus on our core principles of service, trust and transparency which have enabled us to achieve the growth we have enjoyed in recent years.”
McManus added: “I’m absolutely delighted that Citynet has chosen to join PIB Group and continue to grow with our support and investment. Richard and his 70-strong team are renowned in the market for their expertise, specialist products and services.”
“They align perfectly with the products and services 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.”