PIB Group (PIB) has announced that the acquisition of Thistle Insurance Services Limited (Thistle) from JLT has been completed. The agreement to acquire the majority of the Thistle UK business from JLT was announced on 14 November 2016 pending UK regulatory approval, which was subsequently granted, and the transaction closed on 30th December 2016.
Thistle is a UK based diverse insurance intermediary. It operates as an insurance broker with a large SME client base including a range of affinity schemes and has a significant online presence distributing niche insurance products. Thistle also operates as an MGA offering insurance solutions to over 1,000 UK brokers.
Thistle operates from six offices in Gloucester, Wolverhampton, Leeds, Liverpool, Maidenhead and Belfast and has approximately 250 employees. Prior to the acquisition by PIB, Thistle’s London Market Risks, Education and Housing businesses were transferred into JLT Specialty and excluded from the sale.
For the year ended 31 December 2015, revenues for the divested Thistle UK businesses were approximately £23m.
Brendan McManus, CEO of PIB Group, said: “We are extremely pleased that we can announce that we completed the Thistle acquisition at the conclusion of 2016 which was one of two deals completed in the closing hours of last year (TFP Schemes was acquired on 31st December).
Following the Carlyle investment in April 2016, in total we completed seven acquisitions in 2016 with a range of firms that all share a reputation for innovation and the highest levels of expertise and service in their spaces. The combination of acquisitions and organic growth has seen our revenues increase from £1m to almost £50m with over 700 employees in 25 locations across the UK, Northern Ireland and Guernsey.
Thistle is our largest acquisition to-date and brings with it a range of insurance expertise of great value to the broader PIB group. The leadership team within Thistle is very strong and they have a great opportunity to grow that business. The expertise in Thistle beyond traditional broking to include a large online presence and a highly-regarded MGA business is a fantastic addition to the group and can only help to take PIB forward.
We are excited about the opportunity to work closely with the businesses we acquired last year and build on the foundations which have been put in place.