The milestone comes shortly after PIB launched its international expansion through the acquisition of the German Marx Re-Insurance Brokers six weeks ago.
UKinsuranceNET was established in 2001, and started out as an independent broker, offering products for landlords’ insurance and other protection products.
It has grown “rapidly”, however, and now specialises in providing insurance products for residential and commercial property owners including landlords, multi-occupancy homes, Airbnb, unoccupied property, holiday homes and properties undergoing renovation.
Following completion of the deal, all employees will remain with the business led by managing director Suzanne Eeles, with Steve Bradley providing support on a consultancy basis.
Suzanne Eeles, managing director for UKinsuranceNET, said: “After 20 years as a successful independent broker, we wanted to push ourselves to the next stage. We are very excited to be joining PIB Group with a clear focus to accelerate long term sustainable growth.”
She added: “Our main focus will be on continued growth and as part of PIB we also remain committed to our current distribution channels, and the range of products we currently offer to our customers.”
UKinsuranceNET is one of several businesses that PIB has pursued as part of its growing acquisition pipeline. More deals are expected to close this year as part of a ten-year growth plan for the group.
Brendan McManus, CEO of PIB, said: “We have several acquisitions in due diligence at the moment, and we are working hard to understand the impact of the coronavirus on these businesses, and undertaking all the normal diligence work to make sure that we’re protected.
“Interestingly, the pandemic is also producing a pipeline of new deals as we’ve been contacted by people who want to sell their business and that may provide an opportunity for us. We’re a buy and build model, so we’ll continue to focus on acquisitions as much as we can.”
He added: “I’m delighted to welcome everyone at UKinsuranceNET. They’re another great fit for PIB because of their specialist focus and online capabilities, as well as their brilliant customer service levels.
“They are a fantastic business which will further strengthen our property portfolio. I have also been particularly impressed by their continued growth in the last few months despite the challenges of the current climate, and I look forward to seeing further success with PIB’s investment and support.”