PIB Group continues rapid expansion in Spain through acquisition of three new companies
January 23 2024
• AVC, Grupo IDDEAS, and JSC are the latest firms to join PIB Group Espana, bringing the total number of acquisitions in the country to 11.
• Group is Spain’s 5th largest insurance broker, with over 400 employees in the country.
• PIB Group Espana has been legally incorporated as the number of its businesses grows.
PIB Group Ltd. (‘the Group’; ‘PIB’) has today announced the acquisition of Aguirre Vila-Coro Correduría Seguros S.L.U (‘AVC’) and Grupo IDDEAS, as well as Javier Sánchez Consultores, S.L. (‘JSC’) which is pending regulatory approval.
The new arrivals to PIB demonstrate the Group’s ongoing ambition to build a strong presence in the Iberian Peninsula.
AVC, based in Madrid, will add to the Group’s capabilities in a range of areas including health and civil responsibility insurance for industrial, financial, and real estate clients. AVC has been operating for nearly 30 years and has a widespread client-base across Spain.
Grupo IDDEAS comprises of three companies – Lansegur Correduria de Seguros S.L.U., Noceda Corredores S.L.U., and Instituto de Desarrollo Asegurador S.L. It operates across several offices in northern Spain, while working closely with national and international insurers and brokerage firms. The business caters for clients across a diverse range of sectors including cyber, employee benefits, and aviation. Its main focuses are multi-risk, civil responsibility, accidents, and automotive.
JSC offers credit insurance solutions to businesses in the ceramic and packaging industries and is headquartered in Castellon. The suite of insurance solutions offered to clients across sectors also includes fire and civil responsibility insurance as well as life and multi-risk cover. The firm has been serving clients since 1985.
All three businesses boast strong financials, extensive client bases and solid operating practices. Through joining PIB, they will benefit from the Group’s international network to provide a more extensive service to existing clients and aid growth.
These acquisitions enhance PIB’s service offering across the region, strengthening the Group’s specialisms in a broad range of industries. PIB Group Espana has also been legally incorporated as the number of businesses in the family grows.
PIB Group has now completed 18 deals across Europe since the start of last year and has a presence in eight markets.
Martín Navaz, CEO PIB Group Iberia, comments: “2023 was year of expansion and these acquisitions and the incorporation of PIB Group Espana mark important milestones in our continued growth in the region. We have been impressed with the leaders of AVC, Grupo IDDEAS and JSC, as well as their talented teams. We are confident they will complement PIB Group Espana effortlessly, both culturally and professionally.”
“When we bring a new business on board, a key priority is to ensure its leaders retain their entrepreneurial spirit to meet their growth ambitions. We also want to invest in the ongoing development of their people. This means they can retain and grow their client base and have access to the added strength and breadth of offering across PIB Group – not just in Spain – to deliver excellent service for their clients. I’m very proud of the progress made for PIB Spain in 2023, thanks so the efforts of all our people. We look forward to an even more exciting year together in 2024.”
Onno Jansen, CEO, PIB Group Europe, said: “Throughout the year we have been investing in some great businesses and working hard to establish PIB in Europe as a market-leading insurance specialist. New colleagues and capabilities bolster our service provision and are an essential part of our growth strategy. We are confident that 2024 will see the Group’s continued expansion across Europe.”