PIB Group acquires family business specialising in flats insurance

PIB Group has acquired flats and apartment insurance specialist Residentsline.

Owned by managing director Belinda Bagnall, the family business is based in Wolverhampton and employs 30 people.

Half of the company is held with self-managed residents’ management companies and the other half is through property managing agents.

Bagnall said she was happy to sell her business, which will retain its name, as she had taken it “as far as I can”.

She said: “Residentsline offer the same product over multiple insurers and our clients have been delighted with the service we provide them.

“They buy the brand and we’re proud of that and while we’re joining forces with a bigger business, the Residentsline name will remain.

“But this is a family business and I have taken it as far as I can. It needs the additional resources that PIB Group possesses to enable it to maximise its huge potential. Becoming part of a larger group allows us to focus on what we are very good at, which is supporting our clients and winning new ones.”

Growing footprint

Residentsline will slot into PIB Group’s UK speciality division, which includes PIB Insurance Brokers, PIB Risk Management and PIB Employee Benefits.

The group felt that expanding the arm with this acquisition would help it grow its footprint in the UK.

Barry Lloyd, regional managing director for PIB Insurance Brokers in the south west, said: “With a simple business model allied to superb customer service, Bagnall and her team have built up a fantastic name in the market over the last three decades.

“We’re overjoyed they have agreed to become part of our group.

“Residentsline really are the go-to name in the flats insurance market and we’re looking forward to helping them grow their business.

“As part of PIB Group, Bagnall and her team will be given the investment they are looking for to take Residentsline’s brilliant offering to the next level, as well as having access to the group’s diverse client base across our 11 territories.”