July 17 2023
PIB Group Limited (‘PIB’ or the ‘Group’), the specialist, independent insurance intermediary, has released its financial results for the year ended 31 December 2022 with figures showing continued strong profitable growth. The Group’s reported revenue increased 49% in 2022, reaching £345m. That’s up from £231m in 2021. The Adjusted EBITDA saw a 36% rise to £91m, from £67m in 2021.
Since inception in 2015 PIB has taken a highly selective acquisition strategy, targeting nascent and established insurance markets across Europe. Alongside this, the firm has focused on delivering market-leading organic growth. More recently integration – centralising some core support services and functions – has helped to improve efficiencies plus bolster coordination across the rapidly expanding Group.
In 2022 alone, the Group acquired 23 businesses across six countries, adding £77m in revenue. Over the year, PIB grew to over 2,400 employees, up from 1,750 in 2021.
The Specialty division remained PIB’s largest division by revenue delivering over 8% growth in 2022. The London market division, boosted by the addition of Guest Krieger, delivered year-on-year growth of 20% for the year. While the underwriting businesses delivered over 29% growth, despite a more challenging Q4 as macro-economic conditions tightened.
A combination of acquisitions and healthy organic growth means the Irish business, generating approx. £39m in revenue, is now the Group’s fourth largest division. Ireland is PIB Group’s longest established market outside of the UK, with the first wholesale acquisition taking place in 2019, followed by its first retail acquisition in 2021.
So far in 2023, PIB Group has acquired a further 21 businesses across Europe. These latest acquisitions include entry to the Italian market, with the acquisition of Area Brokers Industria S.p.A (‘ABI’) in Q1. PIB is now present in 7 markets.
PIB Group Chief Financial Officer, David Winkett, comments: “Despite 2022’s challenging macro-economic and geopolitical environment and the cost-of-living pressures, the Group has delivered an impressive financial performance. This is testament to the strength and resilience of the business and the commitment of our shareholders.
“PIB has evolved to become a burgeoning pan-European insurance player with clients benefitting from expert support across multiple markets. The unwavering focus on acquiring specialist businesses with expert teams has further strengthened our position, with each new business offering something unique and valuable to the Group as a whole. Our increasing internationalisation supports our rapid growth trajectory with strong organic growth underpinning the expansion.
“I expect 2023 to deliver similarly robust results and we’re off to a strong start with 21 completed acquisitions already and many more in the pipeline.”
PIB Group is backed by world leading private equity firms Apax Partners and The Carlyle Group. These major shareholders have extensive investment experience in the insurance distribution market. PIB Group’s highly experienced management team, led by CEO Brendan McManus, holds a minority position. When a business is acquired by the Group, former owners have equity in the business and are included in decision making about the future. These leaders are enabled to retain their entrepreneurial spirit and empowered to grow their businesses through acquisitions and organic client opportunities.
The ongoing development of the diverse European business is led by Onno Janssen, who joined in September 2022 after 21 years at Aon.