Aust-based PI broker bought
Giles Insurance Brokers has branched out into the West Country by acquiring specialist professional indemnity broker The Professional Indemnity Group. The sale price was not disclosed.
Based in Aust, South Gloucestershire, The Professional Indemnity Group will complement Giles’ existing PI operations in the Midlands.
The Professional Indemnity Group employs 10 staff and specialises in offering professional indemnity (PI) insurance to construction professionals.
The company’s founders, Rob and Fiona Park, will remain with Giles as consultants immediately after the acquisition.
Sean Finnegan, central regional managing director of Giles, said: “The Professional Indemnity Group has an excellent reputation as risk management specialists and experienced professional indemnity intermediaries.
“This acquisition by Giles will allow us to expand our PI offering and extend our reach into new territories.”
He added: “The team at The Professional Indemnity Group has worked tremendously hard to help grow the company and we are keen it remains intact and helps us develop Giles in the months and years ahead in the West Country.”
Rob Park of The Professional Indemnity Group added: “The decision to sell our business was not taken lightly. We needed to be satisfied that any acquisition would not adversely affect our clients and they would continue to benefit from the continuing product development and risk management support which has been the cornerstone of our success.
“We are confident that Giles’ entrepreneurial style will continue our own customer focussed philosophies and develop The Professional Indemnity Group for the benefit of our clients.”
Giles has embarked on a spate of acquisitions in recent weeks, following an injection of £500 million of venture capital funding from Charterhouse.
The acquisition of The Professional Indemnity Group follows other recent purchases of Midlands-based David Moore & Company and Midlands Risk Management, North-east broker Elliott Garden, Kent-based Shephards Insurance Brokers, Robinson Leslie of Chester and DS Howell of Tonyrefail, Wales.
Giles is aiming to build a business with £1 billion of gross written premium.
