The brands of both firms will be maintained, but they will be run by the same individual
PIB Insurance Brokers and Lorica are merging into one firm, but keeping both brands.
The brokers, both part of the wider PIB Group, are of a similar size and geographic footprint and have similar specialisms. The group said that combining the businesses would benefit clients.
While the two businesses will continue to trade under their established separate brands, their identities and logos have been aligned.
Stefan Puttnam will run the brokers as managing director, and lead on introducing collaboration between the 15 branches and 200 employees across the UK.
Puttnam said: “Our clients should experience minimal disruption and relationships remain with their day-to-day contacts.
“However, the breadth of offering is now much more accessible through our new entity and combined resources.
“I’m looking forward to 2019 and the opportunities ahead. We are supported by a strong leadership team and experts across the country so that we can continue to evolve and put our clients’ best interests first.”
PIB Group acquired Lorica earlier this year. It focuses on property, casualty, motor fleet, professional lines and technology. Key specialisms include theme parks and amusement arcades through its leisure division, as well as real estate specialising in property owners business.
PIB Insurance Brokers specialisms include professional indemnity, trade credit, property and construction.
Nigel Salisbury, chief executive for PIB Group’s specialty division (which also includes Cooke & Mason, D E Ford, Channel Insurance, Wilby, Franklands and PIB Risk Management) said: “2018 has been a year of positive transition within our division.
“We have focused on drawing together our businesses into a more coherent and increasingly collaborative team.
“When Lorica came on board there was an obvious opportunity to collaborate and bring the specialisms together with PIB Insurance Brokers.
“Clients will benefit and enjoy access to an even wider breadth of products and services across the two businesses, with excellent service at the core.”
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