Consolidator hires advisers to raise money

Consolidator PIB is aiming to raise as much as £200m for acquisitions, according to reports.

PIB has hired Deloitte to help renew its capital structure, with plans to increase its leverage so it has capacity to strike more deals.

It has a £90 million credit facility which it is aiming to increase to between £100 million and £200 million.

The Brendan McManus-led outfit has already snapped up 19 firms - either MGAs or brokers - across Lloyd’s and the regions.

But backed by the might of private equity giant Carlye, McManus and his team are gearing up to make a much bigger impact.

There is speculation that PIB is interested in acquiring either some or all of Cobra Holdings, although both firms told Insurance Times they ‘do not comment on market speclation’.

Consolidator rivals

Although PIB has acquired a range of insurance firms, it has not done it at the some rate as Peter Cullum-led GRP.

GRP is on course to be bigger than the consolidators of the old era - Bluefin, Giles and Oval - as its earnings surge towards £35m.

Peter Blanc managed Aston Lark, which is looking to refinance their private equity arrangements, is continuing to make acquisitions, recently picking up Jobson James.

Consoldiator rival Stackhouse Poland is out the picture, having been snapped up by Gallagher for £268m.

Ardonagh has said it is reining back on acquisitions, as it looks to integrate Swinton.