PIB Group (PIB) has announced it has bought Citynet Insurance Brokers Ltd.
The deal is the 12th investment made by the Group in 19 months, and follows three recent acquisitions of aQmen Underwriting, Morton Michel and Franklands in the past six months.
Based in London, Citynet is a Lloyd’s broker specialising in the placement of commercial business into the London market on behalf of the UK and Irish intermediaries. They are a leading supplier of specialist products and services to insurance intermediaries including liability, motor fleet, property and professional indemnity.
Founded 17 years ago in Beckenham (Kent), the business soon relocated to London to accommodate its growing team and client demand. In 2005, they were awarded Lloyd’s accreditation and today Citynet is a 100% wholesale operation writing business from UK, Ireland and New Zealand.
Richard Scott, CEO of Citynet, and his management team will continue to lead the business following the completion of the deal.
Scott commented: “Joining PIB is an exciting prospect and I’m looking forward to bringing our expertise to the Group which should enable new and different conversations with all our clients. Everyone in Citynet is passionate about sourcing innovative solutions to unusual challenges and hard-to-place risks. We’re very pleased to become part of a larger group, while maintaining the partnerships we have built up over the years with other insurance professionals that are based upon trust, transparency and excellent service.”
Brendan McManus, CEO of PIB, commented: “I’m absolutely delighted that Citynet has chosen to join PIB Group and continue to grow with our support and investment. Richard and his 70-strong team are renowned in the market for their expertise, specialist products and services. They align perfectly with those provided by our existing businesses and will make a strong contribution towards our Group strategy to deliver significant organic and acquisitive growth over the next five years.”