July 14, 2022
PIB Group Limited (‘PIB’) is continuing its expansion in the Spanish insurance market. The acquisition of the broker Confide Insurance and Reinsurance Broker SA (‘Confide’) sees PIB significantly increase its current insurance portfolio in the country. The agreement is pending approval by the Spanish regulator. It reflects PIB’s ambition to become an important player in the Spanish insurance market, and its broader strategy to build a leading European insurance broker in commercial lines.
Brendan McManus, CEO for PIB Group commented: “I’m delighted to welcome Martín and all our new colleagues from Confide to PIB Group. We are attracted to Confide because of its professionalism, excellent reputation, and relentless commitment to customers.”
James Harmer, Head of European mergers and acquisitions commented: “We are delighted that PIB has attracted such a leading insurance team in the Spanish insurance market. Confide together with our existing acquisitions, will form the cornerstone of the investment for PIB Group in Spain. With Martín Navaz on board, we will be able to accelerate our continued expansion through mergers and acquisitions, as well as organic growth in Spain, with the ultimate goal of becoming one of the most important insurance brokers in the market.”
Upon completion of the transaction, Martín Navaz who is the current President of Confide, will assume the position of CEO of Spain for PIB Group.
Martín Navaz, President of Confide commented: “I would like to express my gratitude to the team led by PIB Group for making us feel very welcome and excited about the future at Confide. We look forward to the opportunity to contribute to building PIB’s reputation and leading their consolidation activity in the Spanish insurance market, while remaining committed to the needs of our clients. By being part of PIB, this is the next stage in the ongoing development of a long term, sustainable project in Spain, which collectively will ensure our continued success in the Spanish market. Since the foundation of Confide in 1990, our clients and our excellent team of professionals have played an important role in our success, and we look forward to working together for many more years. PIB has the objective of being one of the largest, and leading insurance brokers in the Spanish market and our approach to achieving this will be with the collective input from partners, teams and customers.” About Confide Insurance and Reinsurance Broker SA
Founded more than 30 years ago, Confide is a specialist in providing insurance to companies, many of which are large Spanish and multinational companies. Key areas of expertise include business insurance, health sector, civil liability, D&O insurance, cyber, and other insurances. Their investment in technology in general, and in particular in providing flexible remuneration as part of the employee benefits division, means that Confide services extend beyond insurance and allows customers to enjoy a complete offering.
Around 60 people form Confide, serving clients from offices in Madrid and Barcelona. The business has been growing significantly, including the acquisition of two insurance brokers, Garcia Maranges in Barcelona and Iccuris in Madrid, as well as the creation of two subsidiaries that provide consulting services and employee benefit solutions.
In addition, a department is dedicated exclusively to the management of international insurance programs. Confide has also developed an innovative online platform that provides access to all information to customers, such as reports and enquiries about claims, receipts and policies.
This is PIB’s fourth investment in Spain, which today includes Cicor International Insurance and Reinsurance Broker (‘Cicor’) plus its subsidiary Global Marine. In June, PIB added Tractio Risk Insurance Broker S.L. and Tractio Risk Solutions, S.L. (collectively ‘Tractio’). Together the combined expertise of Global Marine and Tractio will see the creation of a full-service proposition that will see PIB’s offering in Spain extend across Cargo and Marine Hull.
Looking to the future, PIB continues to explore opportunities in the Spanish market, as part of an ambitious expansion plan in the coming years.