Munich based Marx Re-Insurance Brokers is acquired by PIB Group
June 3, 2020
PIB Group Limited (‘PIB’) has acquired Marx Re-Insurance Brokers, based in Munich, Germany. The move reflects PIB’s ongoing ambition of international expansion and widens the Group’s proposition into providing reinsurance solutions.
Founded in 2009, Marx Re is a reinsurance and insurance broking company with a global network of clients. It has a major focus on asset based business, primarily in property and construction, power generation and renewable energy sourced from Europe and Latin America.
Brendan McManus, CEO for PIB Group commented: “I’m delighted to welcome onboard our new colleagues at Marx Re. This has been a unique opportunity to acquire an international operation driven by an outstanding individual and team. Their services will complement PIB’s existing offering while also broadening our proposition into reinsurance. I am looking forward to working with Oliver and the team to enable them to achieve their significant growth opportunities in highly specialist growth areas, into which we can invest further.”
Led by Oliver Marx, the business prides itself on the close relationships that they provide to risk buyers and risk sellers, and the ability to offer buyers customized service and a global trading re-insurance and insurance market in which to find cover. The five-strong team has over 50 years of combined experience between them and will remain within the business following completion of the deal.
Oliver Marx, MD for Marx Re-Insurance Brokers commented: “I am very excited that Marx Re is becoming part of PIB Group. We are pleased to be joining a rapidly growing group that is focussed on acquiring highly specialist businesses, who are encouraged to retain their entrepreneurial spirt and strong client focus. With PIB’s investment, we look forward to accessing a broader range of resources and benefits that come with integrating into a wider group. This also presents a fantastic opportunity for us to support PIB to enter the reinsurance market and meeting their international growth ambitions.”
Earlier this year, PIB also announced the acquisition of the employee benefits division of Sanlam Wealth Planning UK, and more recently BK Insurance Brokers and RA Insurance Brokers. In total, the Group has made 29 acquisitions since December 2015 with support by an investment from the Carlyle Group, one of the world’s largest and most diversified global investment firms, with $217 billion of assets under management across four core business segments and 392 investment vehicles.