’We are reviewing our target operating model to explore opportunities for driving efficiencies and ambitions,’ says spokesperson
PIB Group is looking at the ”potential to offshore business services to India” as part of a strategic review.
In a statement sent to Insurance Times, a spokesperson for the broker consolidator said that ”to drive the next phase of PIB Group’s growth, we are reviewing our target operating model to explore opportunities for driving efficiencies and ambitions”.
”This includes the potential to offshore business services to India, where PIB Group has been present and has had a track record of success for many years,” the statement added.
”It is recognised that there is an opportunity to better leverage this capability and to optimise offshoring opportunities. The priority is to provide support and advice to colleagues involved in this exploration work, while consulting with relevant people representatives.”
PIB Group expansion
Earlier this year, PIB Group announced a debt raise of £400m to support continued growth and expansion across Europe.
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It came after the firm walked away from negotiations surrounding an acquisition, with rumours curculating at the 2025 Biba Conference in May that Gallagher could be closing in on a deal for PIB Group.
PIB Group said that it had “made a decision to end recent acquisition conversations” and is “appreciative of the attention it has received in the market”.
Brendan McManus, PIB Group chief executive, added: “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.”
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.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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