PIB Group Ltd (‘PIB’) has acquired Barbon Insurance Group (‘Barbon’), the UK’s largest tenant referencing and specialist landlords and lettings insurance intermediary. The announcement also coincides with a change in leadership for the newly acquired business.
About Barbon Insurance Group
Formed in 2005 with origins that date back to 1992, Barbon provides a range of insurance broking and related services focused on the UK private rental market. Its products are sold through three lettings brands; HomeLet, Let Alliance, and Rentshield Direct.
The collaboration strengthens PIB’s existing proposition across the lettings sector, with Let Property already an area of significant expertise within the group. The sector is one that PIB believes is highly resilient and will offer significant growth opportunities in the coming years.
Brendan McManus, CEO for PIB Group commented: “I’m absolutely delighted to welcome to PIB Group another highly specialist business with an outstanding reputation in its sector. Our investment in Barbon represents an excellent strategic fit thanks to its consistent growth and multiple synergies which will enhance our expertise in the lettings sector and complement PIB’s overall retail proposition. I look forward to collaborating with our new colleagues to strengthen what is already the UK’s leading insurance intermediary for the private rental sector.”
Through PIB, the Barbon business and its lettings brands will benefit from access to a broad suite of additional products and services for their customers. The two organisations will work closely to identify opportunities that align letting propositions in order to create a full-service insurance proposition.
Changes at the top of Barbon
Current Chairman Alex Pietruska will remain in his role, providing continuity and support during the Group’s integration into PIB and the continuing development of the business.
The business will be led by a new CEO who takes the place of Martin Totty, who previously signaled to the Barbon Board his intention to step down from his position at some point during this year.
Andy Halstead takes up the role as Chief Executive Officer and its lettings brands with immediate effect. The succession has been carefully planned for some time as the next phase of Barbon’s evolution, since it merged twelve months ago with Let Alliance, where Andy was CEO.
Speaking on his new role and acquisition by PIB Group, Andy Halstead commented: “I am very excited to lead Barbon and being part of PIB Group makes this prospect all the more exciting. I would like to thank Martin for all his support while we have been working hard together behind the scenes to prepare for this transition. As always, our customers and our team members will remain at the heart of everything we do as we look forward to collaborating with our new colleagues at PIB to develop a unique, full-service insurance offering.”
This is PIB’s 35th acquisition to date, following on most recently from WDB, Arlington Insurance Services and Erskine Murray Insurance Brokers.