A TEES Valley-based internet insurance broker has been bought by a national insurance group.

UKinsuranceNET, one of the UK's leading online insurance websites, has become the 30th acquisition for national insurance intermediary group, PIB Group Limited.

Established in 2001 and headquartered in Preston Farm, UKinsuranceNET began as an independent broker offering landlords’ insurance and other protection products and has rapidly grown to specialises in bespoke insurance products for residential and commercial property owners.

This includes landlords, multi-occupancy homes, Airbnb, unoccupied properties, holiday homes and properties undergoing renovation.

The 51-strong team provides will remain with the business led by managing director Suzanne Eeles, with Due to the acquisition, the firm has also created three new jobs, with a view to creating more in future, renewing its commitment to investing in the local area.

PIB, established in 2015, is growing rapidly.

The UKinsuranceNET deal is backed by investment from The Carlyle Group, a US-based global investment specialist which manages $217 billion in assets.

Ms Eeles said: “After 20 years as a successful independent broker, we wanted to push ourselves to the next stage.

"We are proud to be part of the Tees Valley business community and are delighted to be able to apply our North-East work ethos as part of a larger network.

“We have always been early adopter of new technologies and ahead of the curve when it comes to both internal and customer-facing systems, including our online multi-quote facility that compares policies from a panel of leading UK Insurers.

"We’re market leaders and have experienced growth and success, even throughout lockdown, so taking the next step is a fantastic opportunity."