PIB Group (PIB) has today announced the acquisition of TFP Schemes.
TFP Schemes was established in 1998 and has become a leading provider of solutions across a range of niche motor markets. TFP Schemes concentrates on the provision of specialist wholesale underwriting facilities to the UK broker market. The product range covered by TFP Schemes extends to single and fleet risks across Taxis, Chauffeured Vehicles, Minibus, Motor Trade Road Risks, Agriculture, Funeral Homes and other specialist markets. TFP Schemes also provides a bespoke client management system with full cycle functionality for UK brokers to place their niche motor risks.
The acquisition of TFP Schemes marks the seventh investment by PIB in 2016, since the global alternative asset manager The Carlyle Group acquired a significant equity stake in PIB in December 2015.
Brendan McManus, CEO of PIB, commented: “We are very excited by the acquisition of TFP Schemes. The business is a leading provider of underwriting schemes in the specialist motor market with extensive connections and a strong reputation across the UK broker market. It’s a great fit for PIB as the TFP Schemes proposition is built around offering the highest levels of innovation, expertise and service in the space. Following on from our recent announcement that PIB is acquiring Thistle Insurance, TFP Schemes further strengthens our MGA proposition within the growing PIB group of companies”.
Damian Walsh, Managing Partner at TFP Schemes, said: “We are pleased to be joining PIB at this time and look forward to working closely with the PIB management team. TFP Schemes remains ambitious to grow its product range in the specialist wholesale motor market and PIB share our ambitions. With their ability to invest further in our business with the support of their investment backers, we are confident that this deal will allow us to build on the services and products we already provide to our broker partners and direct clients”.