February 7, 2022
PIB Group Ltd (‘PIB’) has completed its acquisition of Cicor Internacional Correduria de Seguros y Reaseguros (‘Cicor’), an independent specialist insurance intermediary in Spain. The news follows customary regulatory approvals since the investment was first announced in October 2021.
This is the first business in the Spanish market Spain for PIB, one of many pan-European markets that are being actively targeted as part of PIB’s ambitious international expansion strategy. The acquisition includes Global Marine, a subsidiary of Cicor.
Brendan McManus, CEO for PIB Group commented: “I’m delighted that we can extend an official warm welcome to Angelo and his team at Cicor. They are a brilliant new addition to PIB, and their arrival further consolidates the Group’s strategy of building a leading pan-European commercial insurance brokerage.”
Formed in 1988, Cicor is one of Spain’s leading Insurance and reinsurance brokers and provides services in Commercial Insurance, with substantial knowledge in Surety and Credit and expertise in Marine and Aviation insurance and as well as providing Risk Management Services.
Cicor offers comprehensive insurance solutions to small, medium, and large businesses, trade groups, associations and individuals. Niches include gaming, industrial machinery, food, jewelers, as well as sports and leisure. Cicor is also a member of the International Benefits Network; Sequoia Benefits & Insurance Services and the AESIS Network.
Angelo De Benedetto, CEO for Cicor commented: “I’m delighted that Cicor has become part of PIB Group. We are very proud to be the cornerstone investment for PIB in Spain. Our team is formed of excellent professionals from a range of disciplines who are all characterised by an eagerness to keep growing and evolving, which is why PIB will be a great fit for us.”
As 2022 unfolds, PIB’s exciting international growth plans are set to continue with a number of new businesses based in the Iberian Peninsula expected to join PIB in the coming months.
James Harmer, Head of European M&A for PIB Group commented: “Cicor is an excellent business and a fantastic first acquisition in the Spanish market. We are all excited about the skills and capabilities that Cicor bring to PIB. This is the first of many acquisitions we have planned in the Iberian Peninsula and our aim is to build one of the largest client focused insurance brokers in the market.”