London-based insurance broker PIB Group is acquiring the U.K.-based COBRA group of companies, subject to the approval of the Financial Conduct Authority.

COBRA's businesses, together with their current management teams, will be integrated into complementary divisions within PIB Group and still operate under their trading brands. COBRA offers services for network members, agents and clients through its main operating platforms, COBRA Network Ltd., COBRA Underwriting Agencies Ltd., COBRA London Markets Ltd. and COBRA Insurance Brokers Ltd.

COBRA Holdings Ltd. CEO Steve Burrows agreed to remain as a consultant. He will provide assistance in developing and investing in the broker proposition.

After the deal closes, the amount of premium placed or influenced by PIB Group will increase to £900 million from £550 million, and the company's employee headcount will pass 1,200.

PIB Group is backed by investment from Carlyle Group LP.