Two new businesses join PIB Group Italy

September 17 2024

• Fast-growing PIB Group acquires Milan-based broker Private Broking S.r.l. and Genoa-based broker Emmeb S.r.l.

• With these acquisitions, PIB completes its third and fourth strategic moves in the Italian market, further increasing its presence in Europe, where it operates in ten countries

Milan, 17 September 2024 – PIB Group continues its expansion in the Italian market through the acquisition of two brokerage firms: Private Broking S.r.l. ("PB"), an insurance company specialising in the sports sector, and Emmeb Broker S.r.l. ("Emmeb"), an Italian insurance broker specialising in the construction sector.

The two businesses are the third and fourth PIB has purchased in Italy following Area Brokers Industria (ABI) in 2023 and Inside 2.0 in March 2024. Following these deals, the consolidated turnover of PIB Group in Italy will see a further increase, reaching approximately 35 million euros in gross revenues.

Private Broking, based in Milan, was founded in 2008 by Edoardo Ceola and Luca Soglio. It is an insurance intermediary specialised in the sports sector, working with the main sports stakeholders at a national level. Its acquisition will generate significant synergies by leveraging the numerous collaboration agreements that PIB Group has in the London market.

Emmeb, based in Genoa, was founded in 2020 by Alberto Morino and Enrico Bernacchia and offers insurance products primarily in the construction sector. The broker's focus on the construction field represents a significant growth opportunity, especially considering the direct impacts resulting from the implementation of the PNRR (National Recovery and Resilience Plan).

Lorenzo Riccardi, CEO of PIB Group Italy and CEO of Area Brokers Industria, who will also take on the role of CEO of Emmeb and a board member of PB, commented: "The acquisition of Private Broking and Emmeb Broker marks the second and third transactions completed in Italy by Area Brokers Industria on behalf of PIB Group. These strategic moves aim to position the Group among the leading independent brokers in the country. Private Broking will enable us to enter a new market, the sports sector, leveraging synergies and expanding growth opportunities through the strong relationships PIB Group has developed in the London market. Additionally, with the integration of Emmeb, we will further strengthen our presence in the construction sector, which is currently crucial in the Italian market, and expand into Genoa, one of the main national hubs for the maritime and transport sectors."

Private Broking CEO Edoardo Ceola commented: “PIB Group's investment will allow us to expand and strengthen our offering, providing our clients with a wide range of the Group's products and solidifying our position as a leader in the sports sector. While we have already secured long-term agreements with national sports clubs and associations, we see enormous potential to further expand our sports insurance business, both nationally and internationally. We are excited about the new opportunities that will arise as part of this ambitious Group.”

Alberto Morino, General Manager of Emmeb, stated: “We are very pleased to become part of PIB Group, one of the fastest-growing insurance companies in Europe. We are a young and highly profitable broker, with double-digit growth in recent years, which confirms our ability to penetrate the market and attract new clients. The synergies that can be created by leveraging PIB's wide range of products in this sector will bring immediate benefits and added value to our entire portfolio. The acquisition will improve operational efficiency and increase cross-selling opportunities.”

PIB Group’s European CEO Onno Janssen commented: “The acquisition of Emmeb and Private Broking by PIB Group is not just a geographical expansion, but also a strategy to increase overall profitability through the integration of skills and resources, capitalising on the synergies between the companies. This decision reflects PIB's commitment to strengthening our position not only in the Italian market, but to a wider growth story where offering the best service to our clients wherever they are located is the goal.”