PIB Insurance Brokers (PIB) has announced the acquisition of Fish Insurance from Capita plc, a UK leader in business process management and outsourcing solutions. The transaction is expected to close in the second quarter of 2016 subject to regulatory approval.
Fish Insurance is a Preston based UK specialist insurance firm that has provided insurance for forty years to those with pre-existing medical conditions, mobility issues and disabilities. It creates bespoke policies for its 80,000 policyholders that have been specially designed to meet their unique and specific requirements. The firm provides specialist travel insurance, car insurance, mobility scooter insurance, independent living insurance, prosthetics insurance and adaptive home insurance.
The acquisition is the first investment by PIB since global alternative asset manager The Carlyle Group (“Carlyle”; NASDAQ: CG) acquired a significant equity stake in PIB insurance Ltd allowing PIB to accelerate growth through targeted acquisitions and a recruitment drive across the UK.
Brendan McManus, the CEO of PIB, commented: “We are delighted to acquire this exceptional niche insurance business. Strategically and culturally it is a fantastic fit for PIB, its strong presence in a growing specialist space is the result of a client centric approach to providing the highest levels of expertise, guidance and service. This exactly matches PIB’s strategy to address a clear gap in the market. We see an exciting opportunity to work with the Fish Insurance management and personnel to accelerate the development of their proven model and look forward to making them part of the PIB team.”
John Garrard, the Managing Director of Fish Insurance said: “This is an exciting moment for Fish Insurance and is a great endorsement for the team and current ownership that have allowed us to reach this point. The PIB management team have a strong track record in the industry of picking great companies and teams and developing them to their full potential. We are looking forward to working closely with them to expand our business and build on the fantastic services and values that we have always provided our customers and clients.”