December 13, 2021
Specialist insurance intermediary PIB Group Ltd (‘PIB’) has expanded its European footprint again and taken its first step into the Dutch markets. PIB, which is backed by private equity firms, Apax Funds and The Carlyle Group, has acquired Light (pending regulatory approval), an independent insurance broker based in the Netherlands and boasts a 35-year trading history.
The move creates further opportunities for PIB to acquire other brokers in the territory, reflecting the Group’s ambition to build a leading pan-European commercial insurance brokerage.
Brendan McManus, CEO for PIB Group, commented: “I’d like to give a very warm welcome to all our soon to be new colleagues at Light who will be joining PIB Group. They have built a strong brand and reputation over many years, which makes this an exciting first stepping stone into the Dutch markets. I look forward to working with Ronald van de Laar who will continue to drive the business forward through organic and acquisitive growth in The Netherlands, supported by a highly experienced executive team.”
James Harmer, Head of European M&A for PIB Group, commented: “This is another fantastic milestone for PIB Group and marks our first step into the Dutch market, and builds on the transactions we have announced recently in Ireland and Spain, 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. This is the first of many acquisitions we have planned in the Netherlands and the wider Benelux region, and our aim is to build one of the largest client focused insurance brokers in these markets.”
Founded in 1986 and headquartered in the Amsterdam Olympic Stadium, Light is an independent insurance broker servicing and placing almost €140m 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 will be joining PIB Group and has the opportunity to drive their growth in The Netherlands. I would like to thank our fantastic team of people who have each played an important part in our success to date. 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.”
Clients enjoy outstanding service from the teams based in Amsterdam and Eindhoven. Following regulatory approval and completion of the transaction, all employees will remain under the leadership of CEO Ronald van der Laar.
The Dutch market is particularly lucrative to PIB as the sixth largest commercial insurance market in Europe yet remains highly fragmented.
This is PIB’s fifth investment to be welcomed into its International Division which is already home to retail, reinsurance and wholesale businesses who are present in Germany, Poland, Ireland and Spain. A total of 12 acquisitions have been by PIB in 2021 so far, and the pipeline remains ever strong.