British insurance intermediary PIB Group has continued its deal-making spree with the acquisition of Nottingham-based RS Insurance Brokers.
Financial terms of the transaction remain undisclosed.
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The acquired company, which focuses on fleet and professional indemnity lines of business, expands PIB’s portfolio of specialist offerings.
It is expected to bolster PIB’s reach across the Midlands region.
As part of the acquisition, eight RS employees will join PIB.
RS managing director Karll Smith said: “One of the selling points for PIB is that I will get to do full time the best bit of my job, which is to go out and win business and make new relationships with clients. We had multiple offers and PIB’s terms were the best for everybody involved.
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By GlobalData“I get to keep running the business the way I run it now and I get to grow it as fast as I can. Because winning a deal and servicing clients is what gives me a great buzz and being part of PIB means I can focus 100% of my time on clients with access to bigger markets.”
PIB Insurance Brokers regional managing director for North East and East Midlands Charlie Upton said: “I am delighted that Karll Smith chose PIB to invest in his business and join our growing success story. As a remarkable leader, he will have the chance to elevate his business to new heights with the investment that comes with an acquisition like this.”
In July, PIB reached a conditional deal to acquire Nord Group in a bid to expand its operations in central and eastern Europe.
With around 250 experts in Poland, Nord Group is engaged in offering risk management, insurance and reinsurance solutions.
It serves clients in varied sectors such as public sector, financial services, construction, energy and healthcare.
In April, PIB bought STEIN Bestasig Insurance Broker, marking its entry into the Romanian market.
