PIB Group (PIB) has completed the acquisition of Cicor Internacional Correduría de Seguros y Reaseguros (Cicor), a specialist independent insurance intermediary in Spain. The news follows the usual regulatory approvals since the investment was first announced in October 2021.
This acquisition represents PIB’s first foray into the Spanish market and is part of its ambitious international expansion strategy in multiple pan-European markets. The acquisition includes Global Marine, a subsidiary of Cicor.
Brendan McManus, CEO of PIB Group, commented, “We are delighted to be able to extend a warm official welcome to Angelo and his team at Cicor. They are a brilliant new addition to PIB, and their arrival further cements the Group’s strategy of building a leading commercial insurance brokerage across Europe.”
About Cicor
Founded in 1988, Cicor is one of Spain’s leading insurance and reinsurance brokers and provides services in commercial insurance, with substantial expertise in surety and credit and experience in marine and aviation insurance, as well as risk management services.
Cicor offers comprehensive insurance solutions to small, medium and large companies, trade groups, associations and individuals. Niches include gaming, industrial machinery, food, jewelers, as well as sports and leisure. Cicor is also a member of International Benefits Network; Sequoia Benefits & Insurance Services; and AESIS Network.
Angelo De Benedetto, CEO of Cicor, commented: “I am delighted that Cicor has become part of PIB Group. We are very proud to be PIB’s cornerstone investment in Spain. Our team is made up of excellent professionals from various disciplines, all of them characterized by an eagerness to continue growing and evolving, so PIB will be a great ally for us”.
As 2022 progresses, PIB’s exciting international growth plans will continue with a number of new Iberian-based companies expected to join PIB in the coming months.
James Harmer, Head of European M&A at PIB Group, commented: “Cicor is an excellent company and a fantastic first acquisition. in the Spanish market. We are all excited about the skills and capabilities that Cicor brings to PIB. This is the first of many acquisitions we have planned in the Iberian Peninsula and our goal is to build one of the largest customer-focused insurance brokerages in the market”.
