PIB buys Cobra
Deal sees premiums placed by PIB grow to £900m as Cobra's Steve Burrows steps down from CEO role but remains with the company as a consultant to "provide continuity".
PIB Group has bought the Cobra group of companies, taking the amount of premium placed or influenced by PIB from £550m to £900m, Insurance Age can reveal.
The deal is subject to regulatory approval and is PIB’s 20th investment since 2016. It most recently bought Optis Insurances in Ireland in February.
Following the Optis purchase, PIB chief executive officer Brendan McManus stated that the business wants to expand into more countries in Europe. PIB is also currently looking to raise £100m -
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