Revenue continues to rise at PIB Group

June 28 2024

  • 2023 revenue increased 43% - up to £464m from £324m in 2022.
  • Performance is robust across the Group’s four main trading units.
  • International expansion in 2023 continues, with a further 12 businesses bought up to the end of June 2024 and new territories opened.

Revenue is up 43% at PIB Group Limited (‘PIB’ or the ‘Group’), the specialist, independent insurance intermediary.

The Group’s IFRS revenue reached £464m for the year ended 31 December 2023 compared to £324m in 2022, as its newly released financial results show continued profitable growth.

Using pro forma, adjusted performance measures – which are more useful in assessing the operating cash performance of the Group – PIB’s pro forma revenue for 2023 was £430m up 8% vs. £397m in 2022, with pro forma adjusted EBITDA [1] for 2023 4% higher at £132.7m vs. £127.3m in 2022. 

Pro forma adjusted EBITDA margin declined 1.1% to 30.9% in 2023, which is largely attributable to continued investment in European hub capabilities. A shift towards centralised middle and back-office activities is part of the Group’s integration strategy.

Since being founded in 2015, PIB has adopted a highly selective acquisition strategy, targeting nascent and established insurance markets initially in the UK but in more recent years across Europe.

Alongside this, the Group has focused on delivering market-leading organic growth. In 2023 the Group acquired 26 businesses of which 21 were outside the UK, adding approximately £30m in annualised EBITDA. Over the year, PIB’s employee base grew to more than 3,800.

Major trading units’ performance

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

  • Specialty Division, PIB’s largest revenue contributor, continued its upward trajectory with 14% growth
  • Underwriting & Schemes Division increased its revenue by more than 4%
  • The International business now accounts for 28% of the Group’s total revenue, with approximately £120m in revenue (£57m of that from Ireland), and international expansion efforts contributed an additional 7% in revenue
  • London Market Division experienced a modest decline in proforma adjusted EBITDA throughout 2023 primarily as a result of rating pressures but also impacted by the ongoing conflict in Israel.

PIB Group Chief Financial Officer David Winkett commented: “2023 was another year of challenging macro-economic and geopolitical pressures in the markets the Group operates in. Despite these headwinds, PIB delivered a robust financial performance and continued to expand its geographic footprint and build operational capability to support future growth.

This performance is testament to the strength and resilience of the business plus the commitment and support of our shareholders, as well as our people who deliver exceptional service to our customers and clients.

Our stakeholders’ support was particularly evident during Q1 2024 when PIB refinanced its debt facilities, taking advantage of favourable credit market conditions. Overall PIB increased its available funding by £501m from £1,407m to £1,908m, of which approximately £500m is undrawn and available to support growth.

Up to 30 June 2024 PIB has acquired a further 12 businesses including entry to the Romanian market. The Group expects to be present in ten markets across Europe soon.”

David continued: “2024 is off to a good start with a dozen acquisitions completed already and many more in the pipeline.  Our increasing internationalisation supports our continuing growth trajectory underpinned by strong organic growth and strong underlying margins as integration synergies are realised.

“PIB has evolved to become a diversified, pan-European insurance distribution consolidator with our clients benefitting from expert support across an increasing number of markets. The focus on acquiring specialist businesses with expert teams strengthens our position in our chosen markets, with each new business offering something unique and valuable to add to the Group.”

Structure and investors

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 equity position. When a business is acquired by the Group, former owners become equity shareholders in the Group ensuring they retain their entrepreneurial spirit. These leaders are empowered to continue to grow their businesses through acquisitions and organic client opportunities.


[1] Pro forma adjusted EBITDA represents Earnings Before Interest, Tax, Depreciation and Amortisation; and is stated on an annualised basis before exceptional costs (as determined by management)