FCA signs off on PIB's £24m Jigsaw buy
The Financial Conduct Authority has approved PIB buying Jigsaw Insurance Services Plc, as the consolidator eyes a significant push into the personal lines market.
The £24.12m cash deal was first revealed in November.
Jigsaw specialises in the motor, breakdown and pet segments of the UK market. It reported £14.21m of revenue for the year ended 31 March 2022.
The aggregator participant, whose brands include breakdown service rescuemycar.com, NCI Insurance for private car and 4paws for pets, has more than 120 staff.
While Jigsaw shares have not been traded on any listing since 2015, its previous public status meant the takeover still fell under the City Code on Takeovers and Mergers meaning the buy had to be revealed via a regulatory information service and hosted on Jigsaw’s website.
In a further statement on 14 February, PIB detailed that, along with FCA approval, the takeover has been backed by holders of 97.2% of the existing issued share capital of Jigsaw.
This means the offer has become unconditional in all respects, and PIB confirmed it will exercise the right to compulsory purchase of any outstanding shares.
With PIB having focused on specialist commercial and non-standard personal lines, snapping up more than 70 businesses since it was formed in 2015, the buy will be a notable development for the group.
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