Business

PIB group announces Spanish expansion

The company has acquired Cicor Internacional Correduria de Seguros y Reaseguros (‘Cicor’) and its subsidiary Global Marine

PIB Group Ltd has announced the acquisition of Cicor Internacional Correduria de Seguros y Reaseguros (‘Cicor’) and its subsidiary Global Marine.

Cicor is PIB’s first acquisition in the Spanish market, building on its existing presence in the Iberian Peninsula with its Acquinex operation.

The acquisition is pending customary Spanish regulatory approvals and further consolidates the Group’s strategy of building a leading pan-European commercial insurance brokerage.

Brendan McManus, CEO for PIB, said: “I’d like to extend a very warm welcome to our new colleagues at Cicor who will soon join us at PIB. an independent specialist insurance intermediary in Spain.

“Cicor is one of the leading independent insurance brokers in the Spanish market. They are a brilliant new addition to PIB who will bring a new dynamic to our culture.”

James Harmer, head of European mergers and acquisitions for PIB Group, added: “Cicor is an excellent business and a fantastic first acquisition in the Spanish market. We are all excited about the skills and capabilities that Cicor brings to PIB.

“This is the first of many acquisitions we have planned in the Iberian Peninsula and our aim is to build one of the largest client focused insurance brokers in the market.”

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