PIB has bought Guernsey-based broker Channel Insurance Brokers (CIB) for an undisclosed sum.
CIB is the Carlyle Group-backed consolidator’s third acquisition, after Fish Insurance and Cooke & Mason, which it completed in April.
PIB has hired Stephen Llewellyn-Jones (pictured) as CIB’s new chief executive. He was previously managing director of specialist health insurance broker Rossborough Healthcare International for 14 years.
Llewellyn-Jones will lead CIB’s 16 Guernsey-based staff alongside CIB directors Bob Marquis and Alex Lindsay.
CIB was founded in May 1980 and has personal and commercial lines clients in Guernsey, Alderney, Jersey and Sark.
Llewellyn-Jones said: “This is an exciting time for the business and for PIB. PIB’s investment will allow us to continue building on the strong foundations CIB has established.
“Our aim is to provide a viable alternative in the Channel Islands providing competitive rates backed by a team of unrivalled experts.”
“We’ll achieve this by empowering our team to deliver the best possible customer service and strong, sustainable relationships with our local clients.”
PIB chief executive Brendan McManus said: “The Channel Islands is an interesting market and one which PIB, as a global broker with a long lineage, has been interested in for some time. CIB’s local knowledge and expertise is highly prized and they’re ethos reflects our own: customer-focussed, tailored solutions and a desire to deliver superlative service.”
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