The PIB Group, a private equity backed Limited Company has acquired a second insurance company in Guernsey. 

It bought Channel Insurance Brokers (CIB) in 2016, and now nine years later they’ve also bought Ross Gower. 

PIB is backed by American owned Apax Funds and The Carlyle Group, and claims its goal is “to shape the future of our industry across Europe”. 

Announcing the acquisition, a spokesperson for PIB Group LTD said: “Ross Gower Group’s offering compliments Channel Insurance Brokers’ existing offering in the Channel Islands. This, combined with its bespoke online system, makes it a strategic addition to PIB Group’s growing portfolio”.

Ross Gower Directors are feeling overwhelmingly positive about the purchase, said Dean De La Rue, Director at Ross Gower Group.

“Joining PIB Group and working closely with Channel Insurance Brokers marks a pivotal moment for Ross Gower Group, as two long-established Channel Island companies begin to collaborate. 

Mr De La Rue continued: “PIB Group’s entrepreneurial mindset is akin to our own – tapping into its ambition and capabilities will allow us to provide unmatched benefits to all policyholders, old and new.”

Gareth Burchell, another Director at Ross Gower Group, added: “Working with the team at Channel Insurance Brokers is an exciting milestone for Ross Gower Group. With more than 75 years in operation, we have established ourselves as a leading insurance specialist in the Channel Islands. 

“Joining PIB Group, and working with Channel Insurance Brokers, will enable us to enhance the services we provide for our collective client base.”

Since joining the PIB Group, CIB said it has demonstrated strong year-on-year growth across both personal and commercial lines.

Tony De Sousa, the Group Managing Director at CIB, said: “I look forward to working collaboratively with the Ross Gower team as we combine our expertise. By learning from each other and sharing our strengths, we are well positioned to further enhance the services we collectively offer to our clients and prospective clients across the Channel Islands. 

“Together, I am confident we will continue to grow and deliver exceptional value to those we serve.”