Business

PIB expands Channel Islands presence with CBC Insurance acquisition

The team is led by Si Aziz and Stephen Potts whose core focus is on servicing clients for Professional Indemnity and Director’s and Officers Liability insurance

The PIB Group has announced the acquisition of CBC Insurance (CBCJ) with the aim of bolstering its presence across the Channel Islands.

Located in St. Helier in Jersey, PIB said CBCJ has built a “strong reputation” that extends beyond the English Channel for its focus on the Financial Institution and Trust Company entity business.

The team is led by Si Aziz and Stephen Potts, whose core focus is on servicing clients for Professional Indemnity and Director and Officers’ Liability insurance, property and associated covers including development, construction and W&I cover for merger and acquisition transactions.

Their specialisms include the placement of financial lines insurances, trust asset insurance including Residential and Commercial Property, Fine Art and Antiques, Marine and Aviation Cover.

Aziz, MD for CBCJ, said: “We are delighted to join the PIB Group family, and enjoy access to a wealth of unique specialized products that we look forward to sharing with our institutional, commercial and private clients.

“We will continue our focus on working with new and existing clients to ensure that they receive the best available advice, support and products. It is exciting to be able to do this under the PIB banner and get to know our new colleagues around PIB.”

Rob Cottingham at CBC UK Ltd, added: “We wish Si Aziz and his team all the very best for the future. We are confident that the business will flourish as part of a much larger group, with established local representation in the Channel Islands.”

Looking ahead the firm said the investment offers several opportunities for expansion which can be taken forward having obtained approval from the Jersey Financial Services Commission.

Brendan McManus, CEO for PIB Group, said: “I am delighted to welcome everyone at CBCJ to PIB Group. They represent another excellent addition to our family, as well as an important platform on the island of Jersey for PIB to pursue several longstanding relationships and development opportunities.”

The group added that early discussions have covered ways for the new joiners to align and integrate with PIB’s Guernsey based business, Channel Insurance Brokers ‘CIB’. Led by Tony De Sousa, CIB is one of the leading Channel Islands general insurance brokers and the team looks after a broad portfolio of clients in Guernsey, Alderney, Jersey and Sark.

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