Rapidly expanding PIB Group Ltd is set to welcome an exceptional business to its portfolio of established and highly regarded brands. PIB’s investment into specialist independent Lloyd’s broker Guest Krieger Limited (‘Guest Krieger’) will boost the Group’s London Market capability and open-up new international avenues (pending customary regulatory approval).
Guest Krieger is best known as one of the largest producers of Israeli Financial lines, Professional and General Liability, Tech & Cyber Liability, and Political Violence business into the London Market. The leading London Market broker writes a highly profitable and growing portfolio of international specialty business mainly emanating from Israel, but also from more than 30 other countries.
The business will continue to trade independently under the Guest Krieger brand and be led by its Managing Director Alon Miller and his management team that will remain invested in the company, from its offices in Cornhill in the City of London as they have done over the years.
The acquisition is expected to enhance PIB's London Market capabilities and to provide it with a platform from which to handle London placements of specialty international wholesale business emanating from PIB’s growing international portfolio of niche insurance broking firms.
Brendan McManus CEO for PIB Group commented: “Guest Krieger is a first-class business and I’m absolutely delighted to welcome Alon and the entire team to PIB Group. It is a real accolade that they have chosen PIB as their destination for the next part in their long-term success story. We are impressed by their dominant market position and deep expertise in niche, high-growth lines and its exceptional client base. Their deep understanding of the Israeli and the London market makes them a key differentiator, and what really tops off this fantastic new partnership is the fact that their culture and ethics are so aligned with those of PIB. We look forward to working with our new colleagues and supporting them in continuing to grow and thrive.”
About Guest Krieger
Guest Krieger is a leading independent Lloyd’s broker placing a growing portfolio of international specialty business in Lloyd’s and the London market. From the outset, the aim for Guest Krieger has been to provide specialist expertise and outstanding client service to its direct clients, network of producers and local insurance companies who require access to the London Market.
With a trading history and excellent reputation that has been built over 45 years, the business is well known for delivering exceptional results to their world-class international clients. It is recognised as the premier broker for placing Israeli Financial Lines and Liability business into the London Market. CEO Alon Miller has been at the helm since 2006 and will continue to be a shareholder in the group.
Alon Miller, CEO for Guest Krieger commented: “From our first meeting, PIB Group and their investors at Apax Funds stood out as people that shared our values and vision for the future of Guest Krieger. They were enthusiastic to join forces with us and offered us a real and exciting opportunity to realise our long-term expansion strategy. We are thrilled and proud to be joining the PIB team, and we are confident that with support from both PIB and Apax, we will continue our success story.”
Business as usual
The company has 36 members of staff and always enjoyed high retention ratios on its renewals and impressive growth of new business. The team developed a deep understanding of the markets they operate in which is converted into real benefits for its clients that includes many of Israel’s leading US and TASE listed high growth technology, pharmaceutical and biotech firms, and financial institutions.
Alon Miller commented: “The cultural fit with PIB could not be better as together we share the same DNA which is underpinned by excellent client care, insurer relationships and first-rate employees. I see this as the perfect opportunity for Guest Krieger to invest in our people and to bring new products and services to our clients and remain a truly independent Lloyd’s broker whilst advancing PIB’s international expansion plans. I would like to thank our founder Ilan Krieger and our fantastic team of devoted people who have each played an important part in our success to date and I’m very excited about what we can achieve together over the coming years.”