PIB Group acquires Tractio to consolidate its position in the Spanish insurance market
PIB Group Limited (‘PIB’) advances its goal of becoming a dominant player in the Spanish insurance market with the acquisition of Tractio Risk Correduría de Seguros S.L. and Tractio Risk Solutions, S.L. (collectively ‘Tractio’).
Tractio is a highly specialized insurance brokerage in Spain, with a national and international presence. The acquisition is pending the usual regulatory approvals in Spain and further reinforces PIB Group’s overall strategy of building a leading independent commercial insurance brokerage across Europe.
This is PIB’s third investment in Spain, following Cicor Internacional Correduría de Seguros y Reaseguros (‘Cicor’) and Global Marine, which officially joined the Group earlier this year. With Tractio, a specialist in the maritime, land and air transport sectors, its arrival will complement the recent acquisition of Global Marine.
Brendan McManus, CEO of PIB Group, commented: “Tractio is a fantastic new addition to PIB Group. I would like to extend a warm welcome to Iñigo, Rafael and their team, who represent this flexible, young and dynamic company. Their skill set, culture and clear customer focus make them an obvious choice for us.”
James Harmer, Head of M&A for Europe, commented, “I am very excited about the opportunity to work with Rafael and Iñigo and to bring together their combined areas of expertise, which will create a full service proposition that will expand PIB’s offering in Spain into Cargo, Marine Hull and Liability. We have also stepped up our efforts to increase our presence in the Iberian Peninsula, and will have further announcements in the coming months as we develop our international expansion strategy.”
About Tractio
Founded by Iñigo Erhardt and Rafael Real in 2011, Tractio is a highly specialized insurance brokerage in Spain. However, its experience spans more than 30 years in the transport, ports and logistics sectors, which has led to the creation of products with innovative coverages that are offered through the company today. This has earned the 28-strong team a reputation as a leader in the transport and energy sectors, specializing in maritime, land and air transport, as well as energy, SMEs and private equity.
Tractio is one of the leading insurance brokerage firms in Spain according to the “Informe Económico Financiero de las Corredurías de Seguros Españolas” by INESE and IMAF.
Iñigo Erhardt and Rafael Real, joint CEOs of Tractio, commented: “This is a fantastic opportunity for Tractio and we are very excited to represent PIB in its growth in Spain. From the beginning, we have emphasized working with honesty, integrity and transparency in our day-to-day work, and we have found many similar attributes in PIB as we establish a great relationship together. We would like to thank our talented team for all their dedication and support in delighting our customers and playing an important role in our success to date. We look forward to continuing our growth with PIB’s investment and support, which will bring many exciting benefits to both our staff and our clients.”
Complete marine offer
With shared headquarters in Bilbao and Valencia, and additional offices in Barcelona, Madrid and Badajoz, the Tractio team prides itself on offering a highly personalized service to its clients, mainly SMEs.
As specialists in the maritime, land and air transport sector, their policies include insurance for the transport of goods, civil liability, machinery breakdown and other material damages. In addition, they seek solutions for any type of ship or vessel by tapping into the domestic and international market. This can include coverage for deep-sea and inshore fishing vessels, merchant ships, tugboats, MARPOL and pleasure craft.
Clients will therefore enjoy access to a complete marine offering through Tractio and Cicor, which is one of Spain’s leading insurance and reinsurance brokers. Its subsidiary Cicor Global Marine is a highly specialized broker with extensive knowledge in the marine and aviation insurance sectors. Marine products include hull and machinery insurance, marine liability insurance, marina, port and terminal insurance, as well as life, accident and health insurance for crews.
