PIB Group surpasses £500m revenue milestone in 2024

• Revenue grew by 14.2% in 2024, reaching £529.8 million, up from £463.8 million in 2023.
• Strong growth underpinned by 25 acquisitions and sustained organic development.
• Expansion continued into 2025, with 16 businesses acquired by June and new market entries in France and Portugal.

PIB Group Limited (“PIB” or “the Group”), the UK headquartered pan-European, independent and diversified specialist insurance intermediary, has announced record financial results for the year ended 31 December 2024, underlining another year of sustained, profitable growth.

The Group’s IFRS revenue reached £529.8m for the year ended 31 December 2024 compared to £463.8m in 2023, reflecting the success of the Group’s combined strategy of targeted acquisitions and organic expansion

On a pro forma adjusted basis, which better reflects underlying, like-for-like operating cash performance, revenue net of commission reached £515 million; a 7% increase from £482 million in 2023. Pro forma adjusted EBITDAE[1] rose 13% to £160.8 million (2023: £142.6 million).

Pro forma adjusted EBITDAE margin increased 1.6% to 31.2% in 2024, driven by acquisitions, organic growth, and operational cost efficiencies.

Strategic Growth and European Expansion

Since its founding in 2015, PIB has pursued a selective acquisition strategy, initially focusing on the UK and now increasingly across Europe. In 2024 alone, 25 acquisitions were completed, contributing an additional £25.8 million to annualised EBITDAE and expanding PIB’s employee base to more than 4,000.

The Group also entered two new European territories—France in 2024 and Portugal in 2025—as part of its international expansion strategy, with 16 further acquisitions completed in H1 2025.

Divisional highlights – FY 2024      

The Group’s four main trading units delivered strong performance, in spite of some challenging conditions:

UK and Ireland Advisory (UK&I): Revenue increased by 7% to £214.1 million, with Ireland contributing a notable 12% EBITDAE growth. Eight acquisitions were completed in the region, enhancing the division’s capabilities. UK Advisory remained the largest EBITDAE contributor, rising by 18.1%, fueled by improved branch performance.

Programs Division: Revenue grew by 5% to £122.3 million. Schemes & Affinities saw a 41% increase to EBITDAE of £10.3 million (2023: £7.3 million), with strong contributions from Morton Michel, Balens, Jigsaw, and Thistle. Hector delivered significant EBITDAE of £2.9 million (2023: £372k). Acquinex experienced a slight decline of 5.8% to £13 million (2023: £13.8 million), primarily due to timing volatility in revenue recognition from its core W&I product. Q Underwriting increased by 11% to £10.1 million (2023: £8.5 million), impacted by the property and real estate sectors. Network (Cobra) rose by 23.9% to £2.9 million (2023: £2.4 million), driven by strong performances from CBS, i2Healthcare, and RBIG FS.

European Advisory: Revenue grew by 12% to £121.7 million, with strong EBITDAE contributions from Spain, France, Italy, the Netherlands, Poland, and Germany.

London Market: Revenue declined by 10% to £47.8 million, driven by difficult market conditions and geopolitical tensions, especially those impacting Israeli clients. Nonetheless, there are encouraging signs of new business opportunities emerging.

PIB Group Chief Financial Officer David Winkett commented: 

“I am pleased to report another year of strong performance for PIB Group, with pro forma revenue surpassing £500 million for the first time, reaching £515 million. This milestone reflects the continued strength of our strategic approach, blending targeted acquisitions with robust organic growth across our specialist businesses. Our disciplined focus on operational efficiency and seamless integration of acquired companies has driven further margin improvements.

"Building on this momentum, we have continued our expansion into 2025, completing 16 additional acquisitions by June 2025 and establishing new market presences in Portugal adding to our first French acquisition in late 2024. These achievements extend our European footprint and enhance our ability to deliver superior service to our clients. I am delighted that PIB’s stakeholders continue to provide strong support for the Group’s strategy, as evidenced by our recently closed new acquisition facility of £400 million. This facility provides a solid foundation to accelerate growth. 

"Looking forward, we remain dedicated in our commitment to sustainable, profitable growth and to creating long-term value for all our stakeholders.”

Corporate Structure and Investor Support

PIB is backed by leading global private equity firms Apax Partners and The Carlyle Group, both of which bring deep expertise in the insurance distribution space. The Group is led by CEO Brendan McManus, alongside a seasoned executive team with significant sector experience.

A hallmark of PIB’s acquisition model is its entrepreneurial alignment. Business owners who join the Group retain equity in PIB, enabling them to maintain their independent spirit while leveraging PIB’s platform to drive further growth, both organically and through bolt-on acquisitions.