December 22 2022
British insurance intermediary PIB Group Ltd (‘PIB’) has made its fifth investment in Spain, though Campos y Rial S.A. Backed by world leading private equity firms, Apax Funds and The Carlyle Group, PIB is a dynamic and diversified independent specialist insurance intermediary.
The arrival of Campos y Rial S.A. to the Group is another strong signal of PIB’s ambition to become an important player in the Spanish insurance market and building a leading specialist and diversified pan-European insurance distribution business.
Campos y Rial S.A. represents PIB’s new presence in the North-West coast of Spain (pending customary regulatory approval). Headquartered in Vigo, Campos y Rial focuses mainly on SMEs with particular expertise in health, credit, civil responsibility and property damage. They add to a growing portfolio of businesses, under the leadership of Martín Navaz, CEO for PIB Group Spain.
Martín Navaz commented: “I would like to give a very warm welcome to everyone at Campos y Rial S.A who have joined PIB Group and strengthen our offering in Spain. Their professionalism and extensive experience is recognized through their loyal client base who have a local and international presence. We look forward to supporting our new colleagues and providing them with access to many more products and services through their new extended network and capabilities throughout PIB which their customers can enjoy.”
About Campos y Rial S.A.
Established since 1986, the Spanish insurance broker is headquartered in Vigo, as well as offices in A Coruña, Ourense and Madrid. The business is home to 23 highly qualified and professional employees, who focus on life and non-life products servicing mainly SMEs and medium-high individual customers, of which some have presence in other countries and require additional services abroad.
The experienced team provides a broad range of products and services, with their main offering including property damage and credit insurance for enterprises. Meanwhile, individuals can enjoy access to life insurance and pension plans. Anselmo Palacios will continue leading the business and join other management within PIB who are investors and who have the opportunity share a voice in the direction of the Group.
Anselmo Palacios, CEO of Campos y Rial S.A commented: “All of us who make up Campos y Rial SA, want to convey the excellent news of the integration of our company into the British insurance intermediary PIB Group in Spain. We also wish to convey to all those who have so far walked by our side, that we are confident that our relationships will improve even more so thanks to the opportunity to adopt some of PIB’s practices, as well as being able to access more products and services throughout Europe. And especially we want to address our customers to say "thank you for your constant loyalty during these years. We are excited in this new stage as PIB will invest in our people and the services we provide you with the good work and experience you are familiar with.””
PIB’s portfolio of businesses will continue to grow rapidly throughout 2023, through attracting several more local brokers in the Iberian Peninsula. Currently, the collaboration is formed of Engloba, Tractio, Cicor and its subsidiary Global Marine. Plus Confide Insurance and Reinsurance Broker SA (‘Confide’), where Martín also holds the position of President.
Martín Navaz commented: “We are very interested in having conversations with more talented teams and businesses who want to join our growth journey. Already our time with PIB has been incredibly exciting and we can’t wait to see the future unfold with PIB’s investment. We have a great opportunity to build a strong network of experts for the benefit of clients in the Spanish market, as well as supporting their growing international requirements by leveraging the strength of PIB Group.”