PIB buys specialist M&A MGA Acquinex Group in European move

PIB has bought specialist financial lines managing general agent Acquinex Group for an undisclosed sum.

Acquinex specialises in M&A insurance products for small to mid-market deals across Europe.

It is PIB’s first transaction since the completion of new investment from Apax funds, announced in January this year.

The move marks PIB’s first entry into the Nordic region, and it is also the first time the consolidator has bought a European financial lines MGA. It explained that it is now looking to make further deals in this area.

Bespoke
Ryan Brown, chief financial officer for PIB Group commented: “Our new colleagues are a fantastic addition, who have impressed us with their bespoke approach to underwriting along with a real depth in technical expertise and knowledge which is exceptional for a business of this size and scale.

“Their strategic ambitions for internationalisation match our own and we look forward to investing into other countries and regions, as well as extending into other financial product lines.”

Acquinex was founded in 2017 by Chris Thompson and Chris Jackson and is headquartered in London. It specialises in underwriting Warranty & Indemnity and Tax Liability insurance for UK and European SME transactions.

It also focuses on streamlining processes and using technology to generate efficiencies in underwriting.

According to PIB, the MGA has so far insured over 700 deals of which around 300 were in 2020.

Expansion
The consolidator noted that it will support Acquinex to accelerate its ambitions for expansion and grow other business lines connected to the M&A cycle.

Acquinex has 20 staff serving clients from offices in London, Frankfurt, Warsaw and Copenhagen.

This gives PIB a presence in Denmark for the first time and strengthens its operations in Germany and Poland.

In 2020, the company bought WBD in Poland and Marx Re-Insurance Brokers in Germany.

Investment
Chris Jackson, managing director (operations) for Acquinex commented: “We are delighted by the success of Acquinex in a relatively short space of time and thrilled to be in a position to become part of a larger organisation through PIB Group.

“There is a real alignment of interests for further geographical expansion and developing our product lines thanks to PIB’s investment and financial support. The fact that this fits with the broader strategy of PIB is what makes this a great partnership.”

Chris Thompson, managing director (underwriting) for Acquinex, added: “Chris and I had shared insights and opinions on the market opportunity, and how to best serve it. Chris saw it from a broker perspective, and I could see how the SME market could deliver a much better risk portfolio for carriers and be an attractive niche that was being underserved by existing insurers.

“Our skills massively complement each other, and this has enabled us to develop an M&A solution that is attractive and different for all our key stakeholders. Our different backgrounds have enabled us to hire leading experts from both within and outside of the W&I insurance market so that we can provide an SME focussed solution through local underwriting experts that is not available anywhere else in the market.”

Strategy
According to PIB, Thompson and Jackson have also made a significant investment in technology to create a seamless underwriting experience and built strong partnerships with insurers who have backed them from the start and will be key partners moving forward.

Aquinex’s strategy is to establish local hubs run by local experts, instead of having all of its operations run out of London.

Jackson commented: “Our growth is very much thanks to our talented team who have given us 110% energy and commitment. From the outset we wanted local leaders in those countries with the right technology to enable them to do what they need to do.

“We encourage a culture of entrepreneurial spirit and a sense of ownership so that our people feel empowered to make local decisions. I would like to say a big thank you to our fantastic team and also to our insurer partners who have backed us so far. We look forward to furthering those partnerships in the next stage of our journey.”

Europe
PIB explained that its plans going forward include broadening its MGA offering though other financial lines and transaction related insurance solutions, plus accelerating the rollout of more hubs across Europe.

Brown commented: “This up-and-coming business has so much potential which presents exciting collaboration opportunities for everyone. We look forward to harnessing the team’s energy to take Acquinex to the next level which in turn will support PIB’s long-term ambitions and MGA offering.”

The deal is PIB’s third in 2021, and follows on from its purchases of UK & Ireland Insurance Services and Element Hinton (Insurance Brokers).

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