UK-based insurance broker PIB Group has acquired CBC Insurance (Jersey) – or CBCJ – in a bid to extend its presence across the Channel Islands.
Following approval from the Jersey Financial Services Commission, the newly acquired business will be integrated into PIB’s Channel Insurance Brokers (CIB) in Guernsey, which is led by Tony De Sousa.
CBCJ focuses on professional indemnity, directors’ and officers' liability insurance, property and associated covers.
Trading initially as PBS, the company formed in 2012 as one of the first broking start-ups in Jersey. It rebranded to CBCJ in 2018 following its purchase by current owner CBC UK, a London Market general insurance intermediary backed by private equity firm BP Marsh & Partners.
CBCJ will eventually rebrand to CIB, giving the Guernsey broker access to PIB’s acquisition strategy and a wider range of services and specialist products spanning private client, businesses and institutional clients.
PIB Group CEO Brendan McManus commented: “This move opens up lots of opportunities to build the CIB brand and name. With the added experience and location of our new colleagues, we hope CIB will become the go-to broker across both islands. I expect the business to double in size over the next three years.”