PIB Insurance Brokers (PIB), one of the fastest growing insurance brokers in the UK, today announced the acquisition of independent commercial insurance brokers, Cooke & Mason. The transaction is subject to regulatory approval.
The acquisition of Cooke & Mason comes on the heels of the Fish Insurance deal announced earlier this month. Cooke & Mason is the second investment by PIB since global alternative asset manager The Carlyle Group (“Carlyle”; NASDAQ: CG) acquired a significant equity stake in PIB Ltd allowing PIB to accelerate growth through targeted acquisitions and a recruitment drive across the UK.
Cooke & Mason is one of the UK’s leading Chartered Insurance Brokers, ranked in the country’s top 75 and employing over 120 insurance, claims and risk management specialists along with customer service and support staff. Formed in 1976 the success of the business has been built on commitment to customer service and the delivery of quality solutions.
The acquisition includes Cooke & Mason plc (Head Office), based in Retford, Nottinghamshire and the Lincoln office of Stephenson’s (2000) Ltd, trading as Cooke & Mason. The company has a broad and loyal client base across a wide range of industries, with a particular expertise in motor trade and haulage.
Also included in the acquisition is Sigerson Associates, a sister company of Cooke & Mason, which provides a comprehensive risk management service for clients. It has in-house specialists in Health and Safety, Quality Assurance, HR, Environmental, Business Continuity and Training, and combines this with trade sector specialisms to provide extensive knowledge of the risks and consequences that businesses face.
Brendan McManus, the CEO of PIB, said: “We are very excited to have a team of Cooke & Mason's calibre and expertise on board. Cooke & Mason and Sigerson Associates is a robust and client-centric business network providing the highest levels of service and expertise which makes it a perfect cultural fit for PIB. Their experience working in motor trade and haulage will be invaluable as we continue growing our business. We are excited to accelerate the progression of Cooke & Mason’s business and brand and are delighted that Cooke & Mason’s highly experienced management and broader team will be partnering with us to help deliver our ambitious plans for this firm.”
Steve Cooke, the Chairman of Cooke & Mason said: “We are all tremendously excited to be joining PIB Insurance team at the start of the next phase of its growth following The Carlyle Group investment earlier this year. PIB has an exciting growth plan and we are pleased to be chosen as their partner to assist them in delivering their future plans."