Further expansion in Spain for PIB Group through acquisition of Engloba

October 6, 2022

Independent specialist insurance intermediary PIB Group Ltd (‘PIB’) has made further inroads to building a strong retail presence in the Spanish market. Newly acquired Engloba, is PIB’s fourth investment in Spain (pending customary regulatory approval). The brokerage, which focuses on personal lines insurance with an emphasis on savings, investment and personal products, is formed of JMC Correduría de Seguros Mañero, S.L. (‘JMC’) and INS Brokers Consultang Correduría de Seguros Española, S.L. (‘IBC’).

With origins that go back to 1988 for JMC, Engloba operates throughout the Autonomous Community of Aragon and beyond, and is positioned as one of the most important brokers in the region.

José Luis Mañero, President for Engloba, commented: “We are very excited to be joining PIB Group, which is an exciting moment for everyone at Engloba. Our success is thanks to the hard work of our dedicated team and loyal clients, which has enabled us to offer an attractive proposition to PIB. One of the main drivers for our decision is that we are impressed with the Group’s increasing presence in Spain as well as globally, which are very proud to be able to contribute towards. This, coupled with their experience of successfully integrating companies, provides a strong foundation for the future to keep growing and see PIB move into the top tier of the Spanish market for insurance business.”

Growing portfolio

Engloba will join PIB’s growing portfolio of businesses in Spain, currently formed of Cicor and its subsidiary Global Marine, as well as Tractio. In addition, PIB acquired Confide Insurance and Reinsurance Broker SA (‘Confide’) in July, with further expansion in the Iberian Peninsula coming under the leadership of Martín Navaz who is President of Confide.

Martín Navaz, commented: “I’m delighted that we will soon be working closely with José Luis Mañero and everyone at Engloba, as part of PIB Group. They are another impressive addition to PIB’s growing network of businesses across Spain and Europe, thanks to their strong reputation and loyal client base in their region. I’m really looking forward to getting to know everyone as we go on this exciting journey together. It is a privilege that PIB is able to invest in this very talented team and their ongoing career success, as well as Engloba as a business which will play an important part in building PIB’s reputation and consolidation activity in the Spanish insurance market. At the same time, we remain absolutely committed to the needs of all our clients, who will continue to enjoy access to the same long-term relationships they have established with their experts and regular contacts.”

More about Engloba

Headquartered in the capital city of Zaragoza, Engloba is born out of two companies which formed in the 1980’s for JMC and around 2010 for IBC, and has grown organically and through acquisition. With their businesses boasting more than 50 years of combined experience, the two have been operating together under the registered trademark of Engloba since 2016, developing their activity inside and outside the Autonomous Community of Aragon.

Today the business focuses on individual insurance with life, investment and multi-risk as the main lines of business as well as other branches of insurance. Alongside their main office in Zaragoza, the team also services customers from an additional location in the town of Tarazona.

It is envisaged that Engloba will become a cornerstone of PIB’s personal lines proposition in Spain and a key component of the Group’s global expansion proposition in the Spanish and Latin American markets, with Spain and Portugal providing an important bridge to these markets.

Credentials

On completion of the deal, the Engloba team will continue to operate and service customers under the ongoing leadership of José Luis Mañero and his exceptional management team. Between them, they hold many professional qualifications and are regularly praised by customers and contacts alike for what they do.

Their reputation is further bolstered by José Luis Mañero who is well known in the sector in the Autonomous Community and throughout Spain. Over the years, the founder has held a number of key positions including President of the College of Insurance Mediators of Zaragoza, President of the CECAS Insurance Business School of the General Council of the Colleges of Insurance Mediators, or Chairman of the Board for the Aptitude Tests leading access to the profession of Insurance Mediator or Vice president of the General Council of Spanish Insurance Mediators' Associations.

He has also been awarded different distinctions in recognition of his dedication and contribution to the industry the most recent distinction being the “Insignia de Oro y Brillantes”, the highest recognition awarder by the Zaragoza Association of Mediators

Further growth

More acquisitions are in the pipeline across the Iberian Peninsula, as PIB remains committed to delivering on its ambition of building a leading specialist and diversified pan-European insurance distribution business.

James Harmer, Head of M&A for Europe, commented: “Welcome to everyone at Engloba who are joining PIB Group. Their arrival highlights again PIB’s ambition to continue its expansion efforts and an enhance our geographical presence in Spain. They are a great addition that will complement our existing operations in Spain.”