PIB Group, backed by Apax Funds and The Carlyle Group, has announced the acquisition of five new brokerages in Spain. They are Aguirre Vila-Coro Correduría Seguros S.L.U(AVC), Grupo Iddeas (Lansegur, Noceda and Instituto de Desarrollo Asegurador) and Javier Sánchez Consultores S.L.(JSC). The transaction has already been approved by the national insurance regulator.
The entity points out that in this way it reaffirms the objective of developing a“strong presence in the Iberian Peninsula in the insurance sector“. It points out that the integration of these companies “improves PIB Group’s service offering in Spain, and strengthens its specialization in a wide range of industries”.
In this sense, it states that incorporating AVC will help it to improve its capabilities in Health, Life, Property Damage, Transport and Liability; the Iddeas Group will contribute to GDP presence in the north of Spain and will enhance the contracting of insurance such as Cyber, employee benefits and aviation. JSC, located in Castellón, specializes in credit insurance for companies in the ceramics and packaging sector.
Legal entity in Spain
With these 5 new brokerages, PIB has acquired a total of 14, has a team of 300 people and around 30 million in revenues. Last year, PIB Group closed a total of 20 purchase agreements throughout Europe and has consolidated its position in 8 markets.
As a result of this development in Spain and the number of companies acquired, PIB Group Iberia has become a legal entity, according to the company’s announcement.
PIB Group Iberia CEO Martin Navaz said that the acquisitions in the Spanish market “mark a new milestone in our continued growth in the region. He also expressed the value of the acquired entities: “We are impressed with the great talent of the teams in the acquired brokerages, as well as the involvement of their top management in the development of our projects in Spain. We are confident that they will contribute to strengthening our business, both professionally and culturally”. When we acquire a new company, one of our key priorities is to ensure that its managers retain their entrepreneurial spirit in order to realize their ambitions for growth,” adds the country’s top executive.
Onno Jansen, CEO of PIB Group Europe, said that over the past year they have invested in major businesses and positioned themselves in Europe as “the leading insurance specialist in the market. He added that the addition of the new teams “strengthens our service offering and is an essential part of our growth strategy. We are confident that in 2024 we will continue to see the Group expand across Europe”.
