May 10, 2021
Expansion plans are afoot for CBC Insurance (Jersey) Ltd (‘CBCJ’), an experienced general insurance broker which has been acquired by PIB Group Ltd (‘PIB’). The business and its portfolio of institutional and private clients will bolster PIB’s presence across the Channel Islands.
Located in St. Helier in Jersey, CBCJ has built a strong reputation that extends beyond the English Channel for its focus on 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’s & 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.
Si Aziz, Managing Director for CBCJ commented: “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.”
The journey to PIB Group
Born and raised in Jersey, Si joined the insurance industry in 1987. He started out in personal lines and moved on to gain commercial experience at firms including Rossborough Insurance and Marsh before co-founding his own business. Since then, there have been several highlights along the way, ahead of becoming part of the growing PIB family.
Trading initially under the name of PBS, the company formed in 2012 and enjoyed status as the first newly licensed insurance broking start-up in Jersey. Several successful years followed through building relationships and supporting professional institutional clients along with proving a reputation for performance, specialist experience and market knowledge.
A rebrand to CBCJ took place in 2018 following a purchase by current owners CBC UK Limited (trading as CBC Insurance), a London Market general insurance intermediary with backing from private equity firm B.P. Marsh & Partners PLC. The move enabled direct access to Lloyds of London and its Underwriters, a unique proposition on the island.
As the team settles into their new at PIB home, CBC UK Ltd will turn their focus to grow their core lines, as a predominantly wholesale business.
Rob Cottingham at CBC UK Ltd, commented: “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.”
Joining forces with PIB’s Channel Insurance Brokers business in Guernsey
Looking ahead to life with PIB, 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 commented: “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.”
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.
Through CBCJ, plans can come to life for CIB to expand quickly through PIB’s acquisition and recruitment strategy to further enhance the services offered to their growing client base. Joining forces with CBCJ, who will eventually rebrand to CIB, will mean a wider choice of services and specialist propositions under a single brand for a broader market spanning private client, businesses as well as institutional clients.
The expansion also represents a new career destination for client-facing professionals who want to join an established broker with the backing, size and scale of PIB.
Brendan McManus commented: “This is an exciting move which opens up lots of opportunities to build the CIB brand and name further. With the added experience and location of our new colleagues, we hope that CIB will become the go-to broker for expertise, quality advice and customer service across both islands. We will also build the team out as a career destination for talented client executives. Through a combination of these development initiatives, I expect the business to double in size over the next three years.”
PIB acquisition pipeline
With 2021 well underway, PIB’s acquisition trail shows no signs of slowing with more in the pipeline including international expansion.