PIB Group announces acquisition of family-owned broker

PIB Group has acquired RS Insurance Brokers as it looks to expand its product offering.

Nottingham-based RS Insurance is a 45-year-old family business that has been owned by managing director Karll Smith for the last two decades.

The broker looks after a range of clients, with it specialising in both the commercial and personal lines sectors.

Eight RS Insurance staff members will be moving into PIB as part of the deal and work to strengthen the group’s footprint in the Midlands.

Charlie Upton, PIB’s regional managing director for the north east, said: “I’m delighted that Smith chose PIB to invest in his business and join our growing success story.

“As a remarkable leader, he will have the chance to elevate his business to new heights with the investment that comes with an acquisition like this.

“At PIB, we are committed to empowering entrepreneurs to pursue what’s best for their business while benefiting from the strength of our ecosystem.”

Client focus

Smith, meanwhile, said his firm received multiple offers, but felt that PIB could allow him to “focus 100% of my time on clients with access to bigger markets”.

He added: “One of the selling points for PIB is that I will get to do, full time, the best bit of my job, which is to go out and win business and make new relationships with clients.

“We had multiple offers and PIB’s terms were the best for everybody involved. I get to keep running the business the way I run it now and I get to grow it as fast as I can.”