February 16, 2022
The international trail continues at pace for PIB Group Ltd (‘PIB’). Following regulatory approval, PIB has now formally completed its acquisition of Light Insurance. The investment was first announced in December.
The move represents PIB’s first step into the Dutch markets with more acquisitions planned in the Netherlands and the wider Benelux region. It is one of series of investments made recently in quick succession across Poland, Spain and Ireland which form part of the Group’s rapid expansion and ambition to build a leading pan-European commercial insurance brokerage.
Brendan McManus, CEO for PIB Group, commented: “I’m delighted to welcome everyone at Light who are now officially part of PIB Group and representing us in The Netherlands. They have built a strong brand and reputation over many years, which makes this an exciting first steppingstone into the Dutch markets.”
Founded in 1986 and headquartered in the Amsterdam Olympic Stadium, Light is an independent insurance broker servicing and placing almost €175m premium for the mid to large corporate market in The Netherlands.
The business offers a range of specialized products to mainly domestic businesses and the Dutch operations of larger groups. These include property and casualty, income protection, health insurance and provides pension scheme advice to clients. Light also works with clients to identify insurance solutions for their international activities.
Ronald van der Laar, CEO for Light BV commented: “I’m delighted that Light has joined PIB Group and the opportunity to support their growth in The Netherlands. We look forward to working with our new colleagues across PIB, while opening new conversations with brokers interested in joining our growth journey and continuing to delight our customers with great service and comprehensive insurance solutions.”
The Dutch market is particularly lucrative to PIB as the sixth largest commercial insurance market in Europe yet remains highly fragmented.
James Harmer, Head of European M&A for PIB Group, commented: “This is another fantastic milestone for PIB Group as we continue our expansion across Europe. We are thrilled to welcome Ronald and the team from Light who are highly specialized in their core product offerings of Healthcare, Income protection and commercial insurance.”