February 25, 2022
PIB Group Ltd (‘PIB’) has reached a major milestone in its acquisition trail. The increasingly international Group has extended its presence in Poland for the second time this year through the acquisition of Exito Consulting Sp. z o. o. (‘Exito’, ‘Exito Group’), who are based in Warsaw. It also represents PIB’s 50th investment since 2016.
Growth in Poland
The transaction includes the entire group of businesses under Exito Consulting which offer advisory and brokerage services for both life and non-life insurance. It follows some four weeks on from the arrival of Brokers Union to PIB who are also based in Poland, as part of the Group’s rapid expansion across Europe and delivering on its consolidation strategy in a number of new and existing markets.
Both Exito and Brokers Union will enhance the capabilities of WDB, a leading brokerage which was snapped up by PIB in 2020. Together they will work closely to provide an even broader range of specialisms, products and services across Poland.
Brendan McManus, CEO for PIB Group commented: “I’d like to give a very warm welcome to everyone at Exito who have become part of PIB Group and who will be joining WDB to strengthen our presence in Poland. They are a brilliant business who have experienced steady income growth over the last few years, which makes them a very attractive investment alongside their excellent knowledge, customer service levels and reputation. I know everyone in WDB will make them feel very welcome and give plenty of support in leveraging the strength and scale of PIB to meet their local ambitions in the region. As events unfold in Europe, our thoughts are with everyone who may be impacted, and at PIB our arms and support are around all members of our PIB family in Poland at WDB, Brokers Union and Exito.”
About Exito Consulting
Exito Consulting was founded in 2006 as a risk management advisory firm. Today it acts solely as a holding company for three trading entities which support clients across the contract insurances and warranties, marine (shipyards), construction, railway, transportation, renewable energies and environmental sectors:
· Exito Broker Sp. Z o.o., an insurance broker and the main operational activity of the Exito Group
· Eko Broker Sp.z o.o., which specialises in insurance for the environmental and waste management sector, and also holds a reinsurance license
· ECRB Sp.z o.o., a reinsurance broker
Krzysztof Mleczak, CEO for Exito Consulting, commented: “We are delighted that Exito Group (which includes Exito Broker, Eko Broker and ECRB) will become part of the increasingly international PIB Group. We would like to thank and ecognize the comprehensive support we received from our partner WDB, in coordinating the process. A particular value for us in the investment from PIB is the direct access to the best insurance solutions from the London market. With our high specialization and niche offering in areas such as contract insurances, shipbuilding, maritime and waste management insurance, we will look forward to contributing our unique value to the entire PIB Group. At the same time we look forward to gaining the ability to provide services not only locally, but also globally.”
The business is headquartered in Warsaw and with another office in Gdansk, All employees will remain following completion of the deal and will continue to trade under their brands for the foreseeable future.
Krzysztof Mleczak, CEO for Exito Consulting, commented: “One of the most important reasons personally for Exito to join the PIB Group was to ensure a stable and bright future for our clients and brokerage teams. For young people hungry for growth, opening these ‘European business doors’ is a great professional development opportunity.”
Growth with WDB
WDB recently celebrated its one-year anniversary at PIB. Since being acquired in November 2020, the business has been establishing itself as a platform to attract and acquire other brokers in Poland for further growth.
Mariusz Muszyński, CEO for WDB commented: “I’m delighted to welcome everyone at Exito Consulting who are joining WDB and our wider PIB Group family. This a significant step forward in bringing our strategy alive to build a strong presence for PIB in Poland. Exito's team of experts will further strengthen our competences by offering their excellent knowledge and experience in the construction, maritime and waste management sectors. Their specialisms will perfectly complement the range of solutions we offer, while benefiting from the incredible synergies of the PIB Group. At WDB we have enjoyed access to specialist knowledge and investment that has benefited our customers, people and local communities. I look forward to working with the Exito management team and their talented people, so that they experience the same positive journey as us, while also meeting our collective ambitions.”
Exito will join PIB’s growing International Division which is home to retail, reassurance and wholesale businesses who are present in Germany, Poland, Ireland, Spain and the Netherlands.