The group said 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 said: “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.”
Oliver Marx, MD for Marx Re-Insurance Brokers, added: “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.”