- PIB Group has appointed Martín Navaz as CEO of its Spanish business following the completion of its acquisition of Confide.
UK insurance broker PIB Group, controlled by private equity funds Apax and Carlyle, has placed a Martin Navaz at business front in Spain with the position of managing director after completing the purchase of Confide, a brokerage firm in which he held a 70% stake and leads as chairman.
Navaz, what happens with the transaction to also become a shareholder of the group, he expressed his commitment to GDP and the desire to contribute to driving growth in Spain.
PIB is a specialist insurance broker with a strong national brand presence in the UK and is expanding across Europe. Its presence extends across Germany, Poland, Denmark, the Netherlands and Ireland.
In this country it is in full growth and has decided that it will Confide to be «the cornerstone of the expansion of PIB in Spain by supporting our ongoing M&A activity,» said PIB Group head of European M&A James Harmer.
«I am delighted that we are now officially part of the PIB Group and can begin to bring our growth strategy in Spain to life,» said Navaz, who was also welcomed by PIB Group CEO Brendan McManus.
Founded more than 30 years ago, Confide employs 65 people on staff and offices in Madrid and Barcelona. They specialise in corporate insurance, the healthcare sector, civil liability cover, D&O insurance for senior executives, and cyber risks, among others.
This is the largest acquisition in the country by PIB Group, which last month added to the project Encompass. The brokerage, with a strong presence in Zaragoza and which intermediates around 25 million euros in premiums, had a workforce of around 20 employees.
The aim of the group is to to reach an ebitda «of around 25 million 120 million in premiums.
With this strategy, the group plans to complete the integration of almost a dozen brokers in little more than a year. It made its entry into Spain with the purchase, in autumn 2021, of Cicor International Correduría de Seguros y Reaseguros and its subsidiary Global Marine, specialists in commercial insurance, with experience in surety and credit insurance, and also specialising in marine and aviation insurance.
In June it added Tractio Risk, specialising in the maritime, land and air sectors and with operations in several countries, which added offices in Madrid, Barcelona, Valencia and Bilbao. It currently has 4 other offices open due diligence, The Commission has also been involved in transactions that could close before the end of the financial year.
The UK group manages more than £1.5 billion in gross premiums (about EUR 1.8 billion), with revenues of £244 million (EUR 293 million) and employs more than 2,000 people.
