PIB buys Staffordshire broker in second deal of 2021

PIB Group has bought Staffordshire-based Element Hinton Insurance Brokers for an undisclosed sum.

The broker specialises in the construction, waste, engineering and leisure sectors, serving commercial lines and private clients, and is headquartered in Hednesford.

Element Hinton is a family business and is led by father Richard Hinton and eldest son Matthew who are assisted by younger son Sam, with support from the wider team, all of whom will remain following completion of the deal.

Footprint
PIB explained that Element Hinton’s specialist experience will further strengthen its existing expertise and help grow the Group’s national footprint.

Richard and Matthew Hinton commented: “We are delighted that Element Hinton has found a new home through PIB Group.

“We look forward to working with and being part of one of the UK’s largest independent broking groups which will enable, enhance and improve the professional services we provide to our clients.”

According to the statement, the broker currently services around 2,500 customers across the UK.

They added: “Our fantastic team and loyal customers have played an important part in the success of Element Hinton, and we now have an exciting future together as part of PIB, who will support the business to achieve further growth.

“Being able to collaborate with new colleagues around PIB will also mean that our clients can benefit from the extra leverage and product base that being part of PIB will provide.”

Investment
The deal in PIB’s second in 2021 and follows its purchase of UK & Ireland Insurance Services in January.

The Group recently secured new investment from private equity firm Apax Partners, while its existing investors since 2015, The Carlyle Group re-invested for a minority stake.

Brendan McManus, CEO for PIB Group, commented: “I’d like to give a very warm welcome to Richard, Matthew and everyone at Element Hinton to PIB Group. They have developed and sustained a strong reputation they have built over the years, proven by their excellent relationships and high client retention.

“They are another excellent addition to PIB. We look forward to backing the further success of the business and being able to provide our new colleagues with access to additional specialist products and services for their clients to enjoy.”

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