25th November 2020
PIB Group Limited (‘PIB’) has acquired WDB, a leading independent insurance broker in Poland. The investment demonstrates PIB’s ongoing ambition to expand into Europe over the next ten years, and an opportunity to target further growth within Poland and potentially the wider CEE region.
Based in Poland and founded in 2007, WDB has experienced rapid growth during its 13-year history driven by both organic development and acquisition. Their diversified business mix is based on strong expertise in a number of sub-segments of life and non-life insurance, with a focus mainly on clients in the real estate, and transportation sector as well as life and health programs in the public and private sectors.
Brendan McManus, CEO for PIB Group commented: “I’m really excited to announce the acquisition of WDB and welcome our new colleagues to PIB Group. This is a very exciting step forward for our expansion into Europe. With support from PIB, the WDB management team led by CEO Mariusz Muszynski intends to widen its product base to drive organic growth as well as acquire similar professional insurance brokers in Poland, and potentially the wider CEE region. Their entrepreneurial approach, collaborative culture and track record of growth along with excellent client service makes the team a great fit with PIB. I look forward to seeing their plans come to fruition over the coming months.”
WDB is formed of around 40 employees and qualified specialists with many years of experience, who take pride in their reputation for providing high quality insurance solutions. The business has offices based in Wroclaw and Warsaw, and all employees will remain with the business following completion of the deal.
Maruisz Musznski CEO of WDB, commented: ““The investment of PIB Group in our company is a great endorsement of the chosen development strategy. From the very beginning, at WDB, we have focused on organic growth by expanding both the client portfolio and the insurance solutions offered. The successful acquisitions we have had on the Polish brokerage market mark another area in which we intend to pursue our potential. For us, joining PIB Group means, above all, access to specialistic knowledge and capital, which will allow us to play an important role in the consolidation of brokerage markets in Poland and the CEE region. Joining one of the largest independent insurance brokers in Europe also means exposure to international solutions and best brokerage practices. This is another breakthrough moment on our business path. We are very happy to start collaborating with our new colleagues from PIB Group.”
This is PIB’s third European business, which joins Marx Re-Insurance Brokers who are based in Germany and Optis Insurance who are a Managing General Agent in Ireland.