PIB buys Simply Insurance Services

PIB has bought motor specialist Simply Insurance Services for an undisclosed sum.

Established in 2000 and based in Purfleet in Essex, Simply Insurance offers road risks solutions for VSME customers. It was originally formed by CEO Mark Oldrey and today the business offers motor trade insurance, commercial motor and also arranges insurance for driving tuition and motor fleet. Non-motor commercial and other policies are also arranged on request for existing motor clients.

Culture
Darren Leader, director for Simply Insurance commented: “This is a very exciting time for Simply Insurance as we become part of a larger group through PIB, which offers a strong cultural fit and opportunities for growth.

“Through PIB our customers can choose from a broader range of products and services while receiving the same high levels of service they are accustomed to. At the same time our people can continue developing through extensive learning resources and career options available. I’d like to take this opportunity to thank our fantastic team and clients who have contributed to our success now and into the future.”

According to PIB, the 40 strong team will remain following completion of the deal to provide specialist solutions for around 8,000 clients nationally via telephone. As they integrate into PIB, their expertise will complete PIB’s motor offering.

The motor practice is formed of PIB Insurance Brokers, Cooper Solutions and PIB Risk Management.

Technology
Brendan McManus, CEO for PIB Group, commented: “I’d like to extend a very warm welcome to everyone at Simply Insurance Services who are another brilliant addition to PIB Group.

“Their investment in technology to support their experienced team in providing specialist road risks solutions means that they perfectly align and complement our motor offering. I look forward to seeing the business grow through PIB’s investment and support to achieve further success.”

This is PIB’s 42nd acquisition to date, and seventh of 2021.

The broker promised that more work is happening behind the scenes to secure several more transactions for further expansion in the UK and overseas.

Q Underwriting
The announcement on Simply Insurance comes as PIB also revealed that it was retiring the brand names within Q Underwriting.

The legacy trading brands of aQmen Underwriting, TFP Schemes and Thistle Underwriting will be retired from 6 September 2021.

Bernard Mageean, CEO of Q Underwriting, commented: “We launched Q Underwriting almost three years ago as home for some of the market’s best-known niche commercial underwriting brands, including Thistle Underwriting, TFP Schemes and aQmen Underwriting. Since then, the business has grown, and the Q brand has taken centre stage as a key driver for that growth.”

The rebranding will be effective from 6 September 2021 for new business and renewals issued after that date. For policies which are mid-term, rebranding will take place at renewal, rather than as part of any mid-term adjustment, to minimise disruption for policyholders.

According to PIB, there is no action required on behalf of brokers or policyholders, and there has been no change to Q Underwriting’s product offering beyond the branding.

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