Takeover vehicle gears up push to buy more Lloyd’s insurance brokers

A major insurance takeover vehicle backed by US private equity giant Carlyle has hired advisers at Deloitte to help raise up to £200 million for a fresh deal-making push.

PIB Group, which acquires small brokers in the Lloyd’s market, is working with the financial services giant to restructure its credit facilities to boost the firepower for deals.

The move underscores a growing wave of consolidation in the sector. More than 100 insurance brokers were taken over last year, including the landmark £4.3 billion JLT takeover by Marsh in September.

PIB is one of biggest so-called “buy and build” consolidators in the broker market, clinching 19 takeovers since 2015 and aiming for a further seven to 10 this year.

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

PIB chief executive Brendan McManus said: “We’re quite a young business so it’s inevitable we would go back to our debt providers to restructure on a regular basis.”