UK-based insurance firm PIB Group has purchased two companies, CMR Insurance Services and Sue Smith.

Founded in 1985, CMR offers insurance protection against bad debts for UK and export sales via managed credit insurance policies.

It also offers claims and debt collection services and customises solutions for start-ups and major companies across different industries. The company employs 12 people, headed by Christian and Kim Hoy.

Upon deal closure, the whole team will be retained.

Commenting on the takeover, Christian Hoy stated: “Our team strives to provide the highest standard of service to our clients and we have achieved strong growth performance in recent years.

“We are excited to join PIB in the next stage of our evolution and contribute to the Group’s long-term ambitions.”

Sue Smith is a small health and safety consultancy whose business will be merged with the risk management arm of PIB Group.

PIB Group CEO Brendan McManus commented: “I’m delighted to welcome on board all our newest colleagues to PIB Group who are joining at an exciting time in our journey. We look forward to supporting their growth with client service at the core.”

Earlier in 2019, PIB Group snapped up COBRA group of companies as well as Ireland-based Optis Insurance.