PIB Group has acquired BK Insurance Brokers, an independent brokerage based in Croydon, Surrey for an undisclosed amount.
The financial details of the transactions are not disclosed yet.
This is PIB’s 26th acquisition since its launch in 2015.
BK Insurance Brokers offers insurance solutions to property, corporate, private clients and SME sectors.
The firm is said to have access, partner or scheme status with more than 100 different insurance markets, arranging over 10,000 policies every year.
BK Insurance Brokers managing director Shilpesh Patel said: “Since our formation almost 40 years ago, BK Insurance Brokers has enjoyed providing bespoke insurance solutions to meet the needs of our clients.
“Joining PIB Group is a great opportunity which enables us to continue with our growth ambitions, while playing our part in helping the Group to meet its long-term ambitions.
“We are looking forward to being part of a wider Group and working with an extended network of experts for the benefit of our clients and our people.”
Post-merger, BK Insurance’s team will continue to operate under its managing director Paul Denton.
PIB Group CEO Brendan McManus said: “We look forward to collaborating with our new colleagues to open up our specialisms for the benefit of their clients. Likewise, Shilpesh and his team will complement and further strengthen our broad range of products and services across the Group.”
Last month, PIB Group acquired Sanlam employee benefits division and client book of business from Sanlam Wealth Planning UK.
The employee benefits division is said to have specialists who support the needs of all types of companies ranging from small, family-run businesses to large, globally recognised firms.