The broker has bought Fish Insurance whose specialisms include travel, car and independent living insurance
Chris Giles-backed PIB Insurance Brokers has acquired insurance broker Fish Insurance from Capita.
This is the first acquisition for PIB which received financial backing from private equity firm Carlyle Group in December to accelerate its growth plans.
The deal is expected to close in the second quarter of 2016 subject to regulatory approval.
Preston-based Fish Insurance specialises in travel insurance, car insurance, mobility scooter insurance, independent living insurance, prosthetics insurance and adaptive home insurance.
The broker which is led by chief executive Brendan MacManus wants to grow aggressively through targeted acquisitions and organically. It has also embarked on a recruitment drive across the UK.
McManus said: “Strategically and culturally [Fish] 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.”
Commenting on the acquisition Fish Insurance managing director John Garrard said: “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.”