Switching your broker · PIB Group · Checked 7 September 2026

Your broker has been bought by PIB Group: what changes, and what to do

PIB Group is a private-equity-backed specialist insurance intermediary that grows by acquiring brokers. Here is what changes when your broker joins it, when staying is right, and how to check your cover.

Part of: Your broker was bought by a consolidator

In short

PIB Group is a specialist insurance intermediary and pan-European broking group founded in 2015, owned since 2021 by funds advised by the private-equity firm Apax Partners, that grows by acquiring brokers and reported revenue of £644.7 million in 2025. If your broker has joined PIB, your policy does not change overnight, but how your risk is marketed, who your named contact is, and whether a group scheme or managing general agent now sits in the chain can all change — so they are worth checking. If your risk fits one of PIB’s specialisms or schemes, staying can be the right home. Apex is an independent, director-owned alternative offering a free written second opinion: if your cover is right, we say so in writing; if not, you see competing quotes.

Who PIB Group is

PIB Group describes itself as ‘a leading independent specialist insurance intermediary’ and ‘a major pan-European broking group’. It was founded in 2015 by chief executive Brendan McManus and his management team, and reported revenue of £644.7 million for the year ended 31 December 2025 (PIB Group 2025 results, 30 June 2026).

It is privately owned: in early 2021 funds advised by Apax Partners acquired PIB from funds advised by The Carlyle Group (PIB Group / Apax, January 2021). PIB grows by acquisition — at the time of the Apax deal it had made 35 acquisitions and employed over 2,000 people across the UK, Ireland, the Channel Islands, Germany, Poland and India (PIB Group / Apax, January 2021); it reported 31 further acquisitions in 2025 (PIB Group 2025 results, 30 June 2026).

What changes when your broker joins a group

An acquisition does not, by itself, change your policy: the contract you hold runs to its renewal date, and the insurer behind it does not change because your broker’s owner did. What can change is how your broker works for you, and four things are worth checking.

Market access can narrow. A larger group may place business through its own panels, facilities or an in-house managing general agent, so what was ‘whole of market’ can become the group’s preferred markets. That is not wrong in itself — a facility can win terms a single broker cannot — but it is worth knowing whether your risk is still tested across the market.
The group may own the product as well as the advice. Where a group manufactures cover through its own insurer or managing general agent and also advises you on buying it, a conflict of interest can arise. It is manageable and common; the next section sets out what the FCA expects.
Your named contact can change. Integration often reassigns accounts, and the person who knew your firm may move, retire or be folded into a larger team. Check who your named broker is now and whether they know your account.
Fees and remuneration can change. Broker fees and commission arrangements can be revised after an acquisition. No figure is implied here, and none is alleged against any firm — but you are entitled to ask how your broker is paid and whether that has changed since the sale.

The conflict-of-interest question

Consolidation raises one question that is now squarely a regulatory matter. Where the same group owns your broker and the insurer or managing general agent behind your policy, the advice you receive and the product being sold sit under one roof, and their interests can pull in different directions.

In July 2026 the FCA set out its expectations for these vertically integrated business models, and it was measured about them. In the regulator’s own words, ‘a conflict doesn’t automatically make your business model unacceptable’ (FCA, 23 July 2026) — the duty is to identify, prevent or manage the conflict, not to avoid the model altogether. The Consumer Duty and the PROD 4 product-governance rules add that a product must offer fair value and the firm must act to deliver good outcomes for customers.

So the question to put to a group-owned broker is not whether this is allowed — it is — but how the conflict is managed in your case, and whether you can see it. A broker that runs no insurer or managing general agent of its own has no such conflict to manage.

When PIB Group is the right home for you

PIB has built a pan-European group around specialisms and schemes, with revenue of £644.7 million in 2025 (PIB Group 2025 results, 30 June 2026), and for the right risk that focus is a strength.

Niche and hard-to-place sectors. PIB holds managing-general-agent and delegated facilities in specialist areas, so a risk a generalist finds difficult may fit one of its schemes.
Scale behind a specialism. A group of more than 2,000 people brings claims resources, data and market weight a small broker cannot match.
Breadth across territories. With operations across the UK, Ireland and mainland Europe, PIB suits firms with cross-border exposure in its specialist lines. If your risk fits, staying makes sense.

How to check your cover still works for you

Whether you move or stay, these are the checks worth making once your broker has changed hands.

Is your risk still shopped across the market? Ask which insurers were approached at your last renewal and which quoted. If the answer is a single group facility or panel, ask what else was tested.
Who is your named broker now? Ask for a person, not a team inbox, and check they know your account and your trade.
Has your fee or commission changed since the sale? You are entitled to ask how your broker is paid, in fees and in commission, and whether it has changed.
Is there a group insurer or managing general agent in the chain? The FCA says customers should be able to understand ‘your firm’s role in the manufacture and distribution of products’ (FCA, 23 July 2026). If a group company manufactures your cover, ask to see how that is disclosed.
If you might move, is your continuity intact? Professional indemnity is claims-made, so a new policy’s retroactive date must reach back over your past work, any circumstance you already know about is notified to the current insurer first, and the new policy should start the day the old one ends so there is no gap.

An independent second opinion

Apex Insurance Brokers is an independent insurance broker established in 2009 and based in Bristol, owned entirely by its directors and directly authorised by the FCA since 2016, placing professional indemnity insurance for UK professional firms across the UK. It is one of the longest-established independently owned professional indemnity specialists in the UK, and it is not for sale: we have declined approaches to buy the firm. We are not tied to any single insurer or professional-body scheme, we do not run our own policy or underwriting, and we have no placement quotas. We have access to over 30 markets, including Lloyd’s syndicates via wholesale, and we usually return three or four competing quotes set out so you can compare them like for like. Every client has a named broker — the same person from first quote to renewal — and every claim notification gets director-level attention rather than a call-centre queue.

A second opinion is not a sales pitch to leave. If your cover is right where it is, we say so in writing, free and without obligation — that is the stay-put letter. If it is not, you see three or four competing quotes on the same basis and decide. Either way you keep the independence you may have chosen your original broker for, and you can see which UK professional-indemnity specialists have been bought and which are still independently owned.

Owned by its directors, not for sale. No consolidator, no private-equity owner, no external shareholders — and we have declined approaches to buy the firm. Read the Apex Independence Charter.
Independent, not tied. No single-insurer scheme, no in-house policy, no placement quotas — the recommendation is the one that fits, not the one we are paid to push.
Over 30 markets, including Lloyd’s. Specialist UK PI insurers and Lloyd’s syndicates via wholesale, so a risk that one underwriter dislikes can still be placed properly with another.
Usually three or four competing quotes, laid out side by side — limit, excess, retroactive date, exclusions and premium — with a plain-language note on the trade-offs.
The stay-put letter. If your existing cover is right, we say so in writing, free and without obligation. How the stay-put letter works.
A named broker all year. The person who places your cover is the person who picks up the phone at renewal, on a mid-term change, or when a letter of claim lands.
Director-level attention on claims. We help you notify circumstances early and in the right form, stay involved once the insurer’s panel solicitors are appointed, and tell you plainly where you stand.
Directly authorised by the FCA since 2016, not an appointed representative trading under someone else’s permissions.

Frequently asked

Is it bad news that my broker was bought by PIB Group?

Not in itself. PIB Group is an established, well-resourced business, and for many firms a larger group is a good home. What matters is whether your cover is still tested across the market, whether you still have a named contact who knows your firm, and how any group conflict is managed. If those still stack up, staying is sensible; if you are not sure, a free written second opinion will tell you where you stand.

Will my cover change now PIB Group owns my broker?

Not automatically. The policy you hold runs to its renewal date, and the insurer behind it does not change because your broker’s owner did. What can change is how your renewal is marketed next time — which insurers are approached, and whether the group’s own facilities are used. Professional indemnity is claims-made, so continuity of your retroactive date is the thing to protect if you ever move.

Is PIB Group independent?

PIB is independent of any insurer, but it is owned by private equity: funds advised by Apax Partners acquired it from funds advised by The Carlyle Group in 2021. It is a pan-European group of more than 2,000 people rather than a firm owned by the handful of directors who look after you. That is a legitimate model; it is simply a different one from director ownership.

Will my price go up after the acquisition?

There is no rule that it will, and nobody can say before the market has seen your firm. Your premium is set by the insurer that quotes, on your fee income, your work, your claims record, the limit and the excess. What an acquisition can change is your broker’s fee and commission, which you are entitled to ask about. The reliable test is a second quote on the same basis, with the premium plus Insurance Premium Tax at 12%.

How do I know if I’m still getting whole-of-market?

Ask your broker which insurers were approached at your last renewal and which quoted. A whole-of-market approach tests your risk across the available insurers; a panel or facility routes it to a chosen few. Neither is wrong, but you should know which you are getting. If the answer is a single group facility, ask what else was tested and why.

Is it hard to move mid-term?

You can move, but most firms move at renewal, when there is no mid-term adjustment to unwind. If you do move, professional indemnity is claims-made, so the new policy must carry a retroactive date reaching back over your past work, and the new cover starts the day the old one ends so there is no gap. A broker sets that up for you.

Will I lose my retroactive date if I move?

Not if the move is handled properly. The new policy should carry a retroactive date that reaches back over your past work, so claims about earlier work are still covered, and any circumstance you already know about is notified to your current insurer before you move. Done correctly, changing broker does not reset your retroactive date.

When should I stay with PIB Group?

PIB is built around specialisms and schemes. If your risk fits one of its niche sectors, a managing general agent or a delegated facility it holds, PIB may reach terms a generalist cannot, and its scale brings resources a small broker lacks. If a scheme or specialism suits your firm and the cover is right, staying is sensible — and a stay-put letter will confirm it.

Ask for a free written second opinion

Send your current schedule and renewal terms. A named Apex broker reviews them and comes back with competing quotes on the same basis, or a stay-put letter if you are already well placed. Or call 0117 325 0027.

Get a comparison quote Ask for a stay-put letter

Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales, company number 07014570. This page is general information, not advice on your individual circumstances, and it does not guarantee that cover will be available or on what terms. Statements about named firms come from those firms’ own websites, Companies House, the FCA register or dated news reports, checked on 7 September 2026, and are linked where quoted. The concerns described are general to insurance consolidation or are the regulator’s own words, not allegations against any particular firm. Any firm named here may ask us to correct its entry; we will make and date the change.