PIB to acquire TFP Schemes in seventh investment since change of ownership

PIB Group (PIB) has agreed to acquire TFP Schemes, a specialist wholesale underwriting facility covering niche motor risks.

The acquisition marks the seventh investment by PIB since the global alternative asset manager The Carlyle Group acquired a significant equity stake in the firm in December 2015.

Brendan McManus, CEO of PIB, said: “We are very excited by the acquisition of TFP Schemes. The business is a leading provider of underwriting schemes in the specialist motor market with extensive connections and a strong reputation across the UK broker market.

“It’s a great fit for PIB as the TFP Schemes proposition is built around offering the highest levels of innovation, expertise and service in the space. Following on from our recent announcement that PIB is acquiring Thistle Insurance, TFP Schemes further strengthens our MGA proposition within the growing PIB group of companies.”

Damian Walsh, managing partner at TFP Schemes, said: “We are pleased to be joining PIB at this time and look forward to working closely with the PIB management team. TFP Schemes remains ambitious to grow its product range in the specialist wholesale motor market and PIB share our ambitions. With their ability to invest further in our business with the support of their investment backers, we are confident that this deal will allow us to build on the services and products we already provide to our broker partners and direct clients.”