PIB Group (PIB) has completed the acquisition of Lorica Insurance Brokers, an independent insurance broker focusing on property, casualty, motor fleet and professional lines.
Lorica will continue to be led by joint Chief Executive Officers Stefan Puttnam (who leads the Broking and Finance operations), and Carlo Marelli (who oversees the Operations side of the business including Compliance, Claims, IT, HR and Marketing).
Puttnam commented: “When Brendan and his team approached Lorica to become part of PIB Group, we did not hesitate to jump at the chance of being part of their exciting journey. Our success over the last 18 months has evidenced what a great team we have at Lorica and the opportunity for the team to continue to progress and grow within PIB was too good to ignore.”
With a predominately small to middle-sized enterprise (SME) client base, Lorica’s key specialisms include theme parks and amusement arcades through its Leisure division, plus real estate specialising in Property Owners Business.
Marelli commented; “I am delighted that Lorica has joined forces with PIB Group. Our decision was motivated by our shared goals of professionalism, providing the best service to our clients with a wider range of competitive products and excellent career opportunities for our employees. With greater financial investment to support our organic growth, we are truly excited about the future.”
According to Brendan McManus, CEO for PIB, the move reflects the Group’s continued focus on attracting firms in specialist and niche markets to deliver against its 5-year plan to achieve significant organic and acquisitive growth.
McManus added; “We are very selective about who we welcome into the fold and I’m delighted that Stefan and Carlo have chosen to continue their success with the support of PIB Group. Their team has earned an excellent reputation in their chosen markets and I’m impressed by the strong relationships they have built with clients and insurers as well as their respective trade associations.”
With Lorica coming onboard, PIB’s total headcount has risen to almost 1000 employees compared to 340 at the start of 2017.
The transaction is PIBs thirteenth investment in 21 months and follows the Group’s recent launch of its new PIB Risk Management division.
