PIB Group Ltd (‘PIB’) today announced the acquisition of Cicor Internacional Correduria de Seguros y Reaseguros (‘Cicor’) and its subsidiary Global Marine, an independent specialist insurance intermediary in Spain. Backed by leading global private equity firms, Apax Funds and The Carlyle Group, PIB is a dynamic and diversified specialist insurance intermediary that is experiencing rapid acquisitive and organic growth.
Brendan McManus, CEO of PIB Group commented: “I would like to extend a very warm welcome to our new colleagues from Cicor who will soon be joining us at PIB. Cicor is one of the leading independent insurance brokers in the Spanish market. They are a brilliant new addition to PIB that will bring a new dynamic to our culture.”
Cicor is PIB’s first acquisition in the Spanish market and builds on its existing presence in the Iberian Peninsula with its Acquinex operation. The acquisition is pending the usual Spanish regulatory approvals and further consolidates the Group’s strategy of building a leading commercial insurance brokerage in Europe.
James Harmer, European M&A Director of PIB Group, commented: “Cicor is an excellent business 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 aim is to build one of the largest customer-focused insurance brokers in the market.”
Formed in 1988 with headquarters in Barcelona and an office also in Madrid, Cicor is one of the leading insurance and reinsurance brokers in Spain and offers services in Commercial Insurance, with extensive expertise in Surety and Credit and experience in marine and aviation insurance, as well as in the provision of risk management services. Cicor offers comprehensive insurance solutions for small, medium and large companies, commercial groups, associations and individuals. Niches include gaming, industrial machinery, food, jewelry, as well as sports and leisure. Cicor is also a member of the International Brooking Network; Sequoia Benefits & Insurance Services and the AESIS network.Angelo De Benedetto, CEO of Cicor commented: “I am delighted that Cicor will soon 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 who are characterized by an eagerness to keep growing and evolving, so PIB will be a great fit for us. I would like to thank all our colleagues and clients for all their support in helping to build the successful business we are today and will be in the future. “The business has grown rapidly over the last five years through a combination of acquisitions and organic growth, and has a team that has a track record of executing acquisitions in the Spanish market. Further international expansionThisis PIB’s first acquisition in Spain, one of many pan-European markets being actively targeted in Europe as part of PIB’s ambitious international expansion strategy.
About Cicor International
Incorporated in 1988 and headquartered in Spain, Cicor Internacional offers comprehensive insurance solutions to small, medium and large companies, commercial groups, associations and individuals. Niches include gaming, marine and aviation, as well as credit and surety. For more information visit https://cicor.es/en/
