PIB Group accelerates expansion in Italy with Inside 2.0 acquisition
March 5 2024
• Insurance specialist for car dealerships is the second PIB Group acquisition in Italy.
• Offices and teams across five Italian cities will continue to offer clients best-in-class solutions.
• Acquisition next step in European evolution for PIB Group as sights set on becoming a top independent Italian broker.
Specialist, independent insurance intermediary, PIB Group (‘PIB’, ‘the Group’), today announces the acquisition of Inside 2.0 Srl in Italy. This acquisition is the second in Italy, following the acquisition of Area Brokers Industria S.p.A. at the start of 2023.
Inside 2.0 offers insurance packages to car dealerships which provide coverage for a wide range of incidents from small windshield damages to scratches, vandalism, theft, and fire. Inside 2.0 offers clients a range of bundled solutions under the name of Insidea. The business, which is headquartered in Brescia where it employees 15 people, works with more than 150 dealers throughout Italy and, in some cases, also with InfoPoints managed directly by Inside staff inside the showrooms to support the dealer and its customers.
The European strategy for PIB Group, spearheaded by European CEO Onno Janssen, is to acquire specialist businesses with entrepreneurial leaders. Post-acquisition, these leaders become equity shareholders and are empowered to continue to grow their businesses both organically and through further acquisitions. PIB Group has grown rapidly since its founding in the UK in 2015 and is now in seven European markets.
Lorenzo Riccardi, CEO for Area Brokers Industria, comments: “Inside 2.0, as true sector specialists with deep client relationships, is the perfect addition to the PIB Group family in Italy. We are committed to becoming one of Italy’s top independent brokers, offering clients the expertise and experience of the whole network to support their varied insurance requirements. We are looking forward to seeing the growth and many successes that will be achieved through this new collaboration in Italy.”
Onno Janssen, PIB Group’s European CEO, comments: “We are very excited to welcome all our new colleagues at Inside 2.0 who bring exceptional skills and expertise to PIB Italy. This investment is one of many opportunities underway to deepen our presence in Southern Europe.”
Alessandro Caraccio, Inside 2.0’s CEO, adds: "The habit of innovation has undoubtedly been one of the unique qualities of Inside since its origins; becoming part of the PIB Group is an important step to give us the strength and tools to continue cultivating this special trait. Today, thanks to the PIB family, we will be able to offer customers an even wider choice of insurance solutions in Italy and across Europe. We are excited to embark on this new journey and proud to have gained the trust of such an important Group."
With the Italian Insurance brokerage market being highly fragmented, this presents PIB with an attractive consolidation opportunity. Through this acquisition, PIB Italy enhances its footprint and impact in the Car Dealer segment, emerging as a leading player and establishing a competitive position in the Insurance market.
The consolidated turnover of the PIB Group in Italy will register a significant increase, reaching 25 million euros.
The acquisition of Inside 2.0 was finalized by PIB with the support of the M&A function of Area Brokers Industria, one of the top 20 brokerages in Italy, offering consulting services and a comprehensive range of insurance products to commercial and retail clients. AlphaOmega acted as financial advisor to Area Brokers Industria for the acquisition transaction of Inside 2.0.