PIB co-founder Chris Giles passes away

PIB paid tribute: “We are deeply saddened to hear of the passing of Chris Giles, former chairman of PIB Group.

“Chris played a fundamental role in the creation of PIB Group and made an invaluable contribution to the business during its formative years. His experience, leadership and entrepreneurial spirit helped lay the foundations for the group’s growth and success.

“Chris will be remembered for his significant contribution to PIB and the wider insurance broking industry, and will be greatly missed by those who knew and worked with him.

“Our thoughts and deepest condolences are with Chris’s family, friends and former colleagues at this difficult time.”

Alongside insurance Chris Giles was a prominent racehorse owner. The Racing Post reported he died on Sunday 8 November at the London Clinic hospital of aspiration pneumonia.

The article detailed: “Giles leaves a wife, Deborah, five children, his parents and grandchildren. The funeral will take place on December 10 at Ayr Crematorium, with a time to be confirmed.”

Ownership

Giles Insurance Brokers was founded in 1967. Chris Giles became CEO of the Irvine-based firm in 1995 taking over from his father Michael.

The company had four branches and 60 employees and was a relatively small, family-owned and run business.

It grew rapidly through acquisition ahead of private equity house Charterhouse taking a majority stake in 2008.

Chris Giles remained a shareholder staying on as CEO until 2012 when he handed over the reins to Brendan McManus and became group chairman.

The business had continued to expand under PE ownership and was bought by Gallagher in 2013 for £233m.

PIB was founded in 2014 and launched in 2015 with Chris Giles among the backers. At the end of 2015 The Carlyle Group took a “significant equity stake”.

Chris Giles stepped aside as chairman of PIB in 2021 when Apax became the lead investor replacing The Carlyle Group which kept a minority holding alongside the broker’s management.

Big character

Stuart Reid, now chair of Partners&, led competitive consolidators during Chris Giles’ broking career.

He also paid tribute saying: “Chris was a big character and played a massive part in my career, both professionally and socially.

“A highly intelligent, utterly ruthless (always with a smile) competitor who worked out much earlier than any of us what was coming, the important role that private equity would take, and what it took to build businesses in our profession, many times in a very different way to the rest of us.

“A character that stood out amongst many in the industry and one we would tussle with and befriend. I for one will miss him and my thoughts go to his family at what must be a very difficult time.”

Maverick

Another keen competitor was Peter Cullum, founder of Towergate and now chairman of The Broker Investment Group, who added: “I was sorry to hear the sad news of the passing of Chris Giles.

“He was a formidable competitor within the broker space and helped grow his father’s business, Giles Insurance Brokers, into a real powerhouse, based on drive, energy, innovation and the odd glass of wine.

“He was often seen as a maverick player amongst the establishment and created his own unique rules of engagement. A real character. RIP.”

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