PIB buys super yacht specialist Zorab Insurance Services

Founded by David Zorab over 30 years ago, ZIS specialises in super yacht and related marine classes, as well as property and corporate insurance.

The Romsey, Hampshire-headquartered firm has a team of nine and a satellite office in Palma, Mallorca.

PIB detailed that the purchase will sit alongside private clients, risk management, international / global capabilities, trade credit, small business and solicitors PI in its specialisms division.

Zach Gray, managing director for specialisms at PIB, commented: “The unrivalled knowledge and experience in related marine classes offered by the team will be a fantastic boost to our division and our broader network of experts across the whole of PIB Group.

“They provide a new dimension to the exceptional capability we currently have in place, and we are really looking forward to building an even stronger proposition together.”

Ambition

David Zorab said: “Our ambition has always been to remain focused on being a niche player.

“When we started to consider a new home, we felt PIB was a natural fit because of their own focus on attracting specialist businesses. We are looking forward to being part of a bigger entity, while being able to retain our unique selling points and continuing to invest in and growing our team.

“We are very excited that PIB’s investment will enable us to flourish for many more years and bring more benefits and advantages for our people and our clients.”

Brendan McManus, CEO for PIB Group concluded: “Zorab Insurance Services are a fantastic niche provider to join our portfolio of businesses who are ‘famous for something.’

“David, Fiona [Milsom] and the whole team bring with them a huge amount of expertise in their field and a well-earned reputation on the global sailing scene. We look forward to investing in their ongoing success and future.”

Deals

Last week Insurance Age revealed that PIB had revamped its executive management team including promoting Ryan Brown to deputy CEO, appointing Onno Janssen as CEO for Europe, and recruiting Matthew Crane as CEO for underwriting.

The consolidator said at the time that it had twenty-five deals exclusivity, with some expected to close before the year is out.

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