PIB Insurance Brokers has formed a specialist credit and surety division that focuses on the full gamut of trade solutions.

“The division will provide solutions to UK businesses, global corporates, commodity traders and financial institutions, to strengthen and enhance receivables and encourage growth, with a specific focus on UK exporters,” says a statement issued by the company.

The team is headed up by Richard Miller, who joined the company from Miller in June this year. Over the numerous years he has spent working in the trade and structured credit market space, he has also held positions at RKH Financial Risks and Lockton Companies.

Miller is joined at PIB by Iain Gunn, account executive. Gunn has over 30 years’ experience as a credit and political risk insurance and surety bond broker, supplemented with four years in trade and invoice finance, utilising credit insurance as risk mitigation.

He joined PIB from Bibby Financial Services in May this year. He has also previously worked at ICICI Bank, Bluefin Insurance Services, Towergate Partnership and Aon, among others.

Gunn and Miller are both based in London.

Commenting on the appointments, CEO of PIB Insurance Brokers, Brendan McManus says: “PIB is an established and growing broker with high-quality expertise in various sectors. Credit and surety are two such sectors where our quality and depth of service enhance the solutions we provide to benefit our client to the fullest extent. I am delighted to welcome Richard and Iain to PIB to grow and develop this important product offering.”

PIB was founded in 2014 in a bid to fill a gap in the market for a new independent, client-centric and service-focused broker.

In December last year, asset manager The Carlyle Group acquired a significant equity stake in PIB, which had until then been owned by its management team and external private investors.

The PIB credit and surety team is set to expand over time: the goal is to have a nationwide presence (through a potential acquisition of either individuals or a company). PIB acquired Channel Insurance Brokers, Fish Insurance and Cook & Mason over the last few months.