February 16 2023
PIB Group Limited (‘PIB’) has added to its portfolio of businesses and specialisms with the acquisition of Jigsaw Insurances Services Plc (‘Jigsaw’). With over 20 years’ experience in the industry and specialising in motor, breakdown and pet insurance, the arrival of Jigsaw is an exciting development for PIB in the personal lines space.
Their expertise will also complement the existing commercial lines products and services offered by PIB Group, particularly through synergies in the motor and fleet sectors. As a plc company, the proposal has received backing from its directors, and its shareholders have voted favourably in support of the continued growth and expansion of Jigsaw*.
Formed in 2000 and headquartered in Harrogate, the business has grown significantly. The group has invested heavily in systems, including real-time pricing and online self-service customer portals. An in-house claims contact centre operates on a 24 hour basis, 365 days of the year. This and culmination of putting customers first, boasting a dedicated team of experts and a having passion for what they do has led to the success to date.
Managing Director Neil Richards-Smith will remain at the helm and the team will join the Schemes & Affinities division, which is home to PIB’s direct, partnership and affinity businesses.
Nick Mountifield, CEO for Schemes and Affinities division commented: “Jigsaw is a very special business, and I am absolutely delighted that PIB Group will become their new home. Over the past 20 years, Neil and the team have built an excellent business and earned a loyal customer base. Their deep expertise in their specialist areas is an obvious draw for PIB as well as their genuine concern for their people, customers and integrity that is firmly engrained in their culture. Their presence in the personal lines market represents a fantastic step into a new market which will provide many more opportunities for growth, which will also bolster our existing products and services across the Group.”
Growth and collaboration across Europe
Specialising in motor, breakdown and pet insurance, the business which started out trading in a loft, is now home to 130+ employees in Harrogate. Joining PIB will open opportunities to extend their proposition internationally.
Neil Richards-Smith commented: “We are very excited to be joining the PIB Group. Since our first introductions, it was without doubt that PIB was the business we wanted to be part of as our future home. Everyone we have met from PIB has been brilliant, and already made us feel very welcome. The values that we hold dear to us for our customers and people are well aligned to those of PIB, so we already have a huge amount of synergy and similarities that we feel makes the perfect match. We look forward to collaborating with new colleagues and working together to open new doors that sometimes just aren’t available to independent brokers.”
Known for doing things differently, their success is driven through innovation and continuously looking to develop and improve. An exceptional retention rate and client base of over 200,000 is credit to the teams focus on delivering excellent service. Sights are set now on doubling in size in the next five years with the investment and support of PIB, including collaborating with PIB’s businesses whose commercial clients across the UK and Europe would benefit access to those personal lines products.
*The offer has become unconditional and 10,772,174 acceptances have been received representing 97.2% of Jigsaw shares. PIB intends to compulsorily acquire any outstanding Jigsaw shares in respect of which the offer has not been accepted.