PIB Group ends Gallagher sale talks and reveals £400m debt raise

PIB Group has walked away from negotiations surrounding an acquisition.

In a statement, the broker said that it had “made a decision to end recent acquisition conversations” and is “appreciative of the attention it has received in the market”.

At the 2025 Biba Conference in May, rumours were circulating that Gallagher could be closing in on a deal for PIB Group.

Insurance Times understood from market participants that agreeing on the financials was the blocker on the deal going through.

And now PIB Group has ended interest in acquisition talks, drawing a line under the sale process. Instead, it has announced a debt raise of £400m to support continued growth and expansion across Europe.

Brendan McManus, PIB Group chief executive, said: “This finance provides PIB Group with significant capacity to fuel our planned growth as an insurance broker focused on European markets.

“Our people, proposition and service are best in class and we continue to bring to life our ambition to be a unique pan-European insurance distribution platform. We have a strong belief in our opportunities for growth and we are focused on realising these alongside our partners Apax and The Carlyle Group.”

Expansion

Apax and The Carlyle Group both jointly back PIB Group. Apax acquired a majority stake in the business in 2021, with The Carlyle Group retaining a minority holding.

The deal was designed to help PIB Group continue its growth trajectory, both through organic growth and strategic M&A.

Since then, the broker has expanded across Europe, acquiring businesses in the Netherlands, Spain, Poland, Italy, Germany, France and the UK.

After announcing the debt raise, Ashish Karandikar, partner at Apax, and Jim Burr, co-head of global financial services at The Carlyle Group, said: “Having collaborated to establish PIB Group in core attractive geographies in Europe, we look forward to investing further to drive future growth and value creation – realising the opportunities for the sector across Europe.”