PI Protect snapped up

A NORTH West insurance company which provides professional indemnity policies to SME businesses, professionals and sole traders, has been snapped up by a Channel Islands-based group.

Manchester city centre-based Professional Indemnity Protect, which trades as PI Protect, has been acquired by Guernsey-headquartered insurance group Barbican Group Holdings .

Barbican says the PI Protect brand will be retained and its underwriting team will remain at its base in Minshull Street, and  become the focal point for the development of Barbican’s UK regional professional indemnity underwriting business.

Kevin McParland, managing director of PI Protect, said: “Barbican is an innovative and dynamic organisation and with their expertise can assist us in realising the full potential of PI Protect. I welcome the opportunity to work with Barbican; it’s a significant step forward for PI Protect.”

Mr McParland was the major shareholder in the business, which has net assets of £550,000.

David Reeves, chief executive of Barbican, added: “This acquisition represents a good underwriting fit with our portfolio and is an effective way to accelerate our development in the UK PI sector.

“The deal represents a clear opportunity to buy a young business and take it through the next stage of growth and create real value.

“By bringing together these two businesses, we aim to build upon the very firm foundations that PI Protect has established, drawing upon the support and resources of Barbican Group to take the business to the next level, while offering wider opportunities in the UK regional market.”

Partner Leila Porter and William Pinnock from law firm DAC Beachcroft in Manchester advised Barbican, while Brabners Chaffe Street’s corporate team, including Tony Harper and Jamie Partridge, acted for the shareholders of PI Protect.