- PIB Group announces the acquisition of five new brokerages in Spain and strengthens its presence in the Iberian Peninsula insurance market.
PIB Group, backed by Apax Funds y The Carlyle Group, has announced the acquisition of 5 new brokerages in Spain. It is Aguirre Vila-Coro Correduría Seguros S.L.U (AVC), Iddeas Group (Lansegur, Noceda and Instituto de Desarrollo Asegurador) and Javier Sánchez Consultores S.L. (Lansegur, Noceda and Instituto de Desarrollo Asegurador) and Javier Sánchez Consultores S.L. (JSC). The operation is already approved by the national insurance regulator.
The entity points out that in this way it reaffirms the objective of developing a «strong presence on the Iberian peninsula in the insurance sector«. He notes that the integration of these companies «enhances PIB Group's service offering in Spain, and strengthens its specialisation in a wide range of industries».
In this sense, it states that incorporating AVC will help it to improve its capacities in Health, Life, Property Damage, Transport and Civil Liability; the Iddeas Group will contribute to GDP presence in the north of Spain and will boost the contracting of insurance such as Cyber, employee benefits and aviation. JSC, located in Castellón, specialises in credit insurance for companies in the ceramics and packaging sector.
Legal entity in Spain
With these 5 new brokerages, PIB has now acquired a total of 14, and has a team of 300 people and around 30 million in revenues. PIB Group closed a total of 20 purchase agreements across Europe last year and has consolidated its position in 8 markets.
As a consequence of this development in Spain and the number of companies acquired, PIB Group Iberia has been incorporated as a legal entity., The firm announces.
The CEO of PIB Group Iberia, Martin Navaz, said that the acquisitions in the Spanish market «mark a new milestone in our continued growth in the region». He also expresses 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 realise their ambitions for growth,« he adds.
For its part, Onno Jansen, PIB Group Europe's managing director, PIB Group Europe, said that over the past year they have invested in major businesses and positioned themselves in Europe as a «market-leading insurance specialist». 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.
