The deal is an ’important step’ for the group
PIB Group has moved into health, wellbeing, fitness and beauty with the purchase of specialist broker Balens.
The acquisition will include Balens Ltd and wholly owned subsidiaries Balens Europe BV – based in the Netherlands – and Balens Insurance Finance Services Ltd.
Brendan McManus, PIB Group’s chief executive, said: “This is a very special business and I am absolutely delighted that PIB Group will become its new home. Over several decades, David [Balen] and the team have built an excellent business and earned a loyal customer base.
“Their deep expertise in their specialist areas is an obvious draw for PIB. However, we have been equally impressed by their genuine concern for customers, ethics and integrity that is firmly engrained in their culture.
”They’re a great fit for PIB. We look forward to working with everyone at Balens to build on their heritage for further success.”
Balens is a family run fourth generation broker headquartered in Worcestershire – it was established in 1950 and has traded for 72 years.
Balens’ chairman David Balen added: “This is an important step for Balens to help take us up to the next level. It will also help develop and improve our structures and service, giving us a greater resilience and bargaining power on behalf of our clients.
“Our family has been on an amazing journey since 1950 and much of our success is testament to our brilliant teams over the years and our loyal clients. I have always believed that insurance is about trust, quality relationships and good communication as the essential roots to our ever-growing tree as depicted in our logo and brand.
“I believe our values are very much aligned to those of PIB, which will be a great new home from which to continue to grow and expand our business ethically and organically into the future.”