PIB buys Jersey-based CBCJ

PIB Group has bought CBC Insurance (Jersey) for an undisclosed sum.

The consolidator stated that the deal will bolster its presence across the Channel Islands.

CBCJ, which specialises in professional indemnity and director’s & officers liability insurance, property and associated covers including development, construction and W&I cover for merger and acquisition transactions, is headquartered in St. Helier in Jersey.

Team
The team is led by managing director Si Aziz and director Stephen Potts and the broker’s specialisms also include the placement of financial lines insurances, trust asset insurance including residential and commercial property, fine art and antiques, marine and aviation cover.

Aziz commented: “We are delighted to join the PIB Group family, and enjoy access to a wealth of unique specialised products that we look forward to sharing with our institutional, commercial and private clients.

“We will continue our focus on working with new and existing clients to ensure that they receive the best available advice, support and products. It is exciting to be able to do this under the PIB banner and get to know our new colleagues around PIB.”

CBCJ was formed in 2012, initially trading under the brand PBS. It rebranded to CBCJ in 2018 after it was bought by current owners CBC UK, a London Market general insurance broker with backing from private equity firm B.P. Marsh & Partners.

Platform
Brendan McManus, CEO for PIB Group commented: “I am delighted to welcome everyone at CBCJ to PIB Group.

“They represent another excellent addition to our family, as well as an important platform on the island of Jersey for PIB to pursue several longstanding relationships and development opportunities.”

The broker will be integrated with PIB’s Guernsey-based business, Channel Insurance Brokers (CIB), which is led by Tony De Sousa and has clients in Guernsey, Alderney, Jersey and Sark.

PIB explained that the deal is part of its plans to expand the CIB business and detailed that CBCJ will be rebranded to CIB.

McManus continued: “This is an exciting move which opens up lots of opportunities to build the CIB brand and name further. With the added experience and location of our new colleagues, we hope that CIB will become the go-to broker for expertise, quality advice and customer service across both islands.

“We will also build the team out as a career destination for talented client executives. Through a combination of these development initiatives, I expect the business to double in size over the next three years.”

Deals
This is PIB’s fifth deal in 2021 and follows on from its purchases of Creane & Creane, Acquinex Group, Element Hinton and UK & Ireland Insurance Services.

In January, McManus told Insurance Age that he is planning for PIB to double in size following investment from Apax funds.

The consolidator stated that it has more acquisitions in the pipeline, including international expansion.

According to the statement, CBC UK will focus on growing its core lines as a predominantly wholesale business once the sale goes through.

Rob Cottingham, chief executive officer at CBC UK, said: “We wish Si Aziz and his team all the very best for the future. We are confident that the business will flourish as part of a much larger group, with established local representation in the Channel Islands.”

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