Balens beauty insurance broker acquired by PIB Group
Balens Ltd's Joint Managing Directors, Joe and Josh Balen, pictured outside the company's head office.
AIT and ABT's insurance underwriter, Balens Ltd, has been acquired by specialist insurance intermediary PIB Group Limited (‘PIB'). The procurement marks PIB's entry into the beauty, wellbeing, health and fitness sectors.
Founded in 1950 and based in Worcestershire and Amsterdam, Balens is a fourth-generation family run business, specialising in insurance for around 100,000 beauty, health, wellbeing and fitness professionals, businesses, affinity groups and not-for-profit organisations. Packages are also available for clinics, salons, spas and teaching establishments.
Balens will remain a family run brokerage, with David Balen (pictured left) continuing as Chairman and sons Joe and Josh Balen remaining as Managing Directors; they will also become shareholders of PIB.
AIT and ABT have worked with Balens since their inception, and see this announcement as being only advantageous to members with benefits including an increase in product ranges plus potential savings.
Commenting on the acquisition of Balens Ltd by PIB Group, Dave Horton, Managing Director of Associated Irish Therapists (AIT), says:
“We are delighted with the recent announcement which we see as a huge benefit to our members, now and for the future. I have been in discussions with Balens over the last quarter finding ways to further advance our relationship with Balens and PIB for the good of our members, and am confident that our already 20-year relationship will continue going from strength to strength.”
Commenting on joining PIB Group, David Balen, Chairman of Balens Ltd, says:
“I am delighted that we will be joining the PIB Group! This is an important step for Balens to help take us up to the next level. It will also help develop and improve our structures and service, giving us a greater resilience and bargaining power on behalf of our clients. Our family has been on an amazing journey since 1950, and much of our success is testament to our brilliant teams over the years and our loyal clients. I have always believed that insurance is about trust, quality relationships and good communication as the essential roots to our ever-growing tree as depicted in our logo and brand. I believe our values are very much aligned to those of PIB, which will be a great new home, from which to continue to grow and expand our business ethically and organically into the future.”
Brendan McManus, CEO for PIB Group, adds:
“This is a very special business, and I am absolutely delighted that PIB Group will become their new home. Over several decades, David and the team have built an excellent business and earned a loyal customer base. Their deep expertise in their specialist areas is an obvious draw for PIB. However, we have been equally impressed by their genuine concern for customers, ethics and integrity that is firmly engrained in their culture. They're a great fit for PIB. We look forward to working with everyone at Balens to build on their heritage for further success.”
Balens and PIB are currently awaiting regulatory approval from the FCA, and AFM in the Netherlands, and once this has been granted, Balens will formally become part of the PIB Group.
Balens Ltd is PIBs ninth acquisition this year, which has included businesses in UK, Ireland, Spain and Poland.