May 17, 2022PIB Group Limited (‘PIB’) is forging ahead with delivering on its ambition to become a dominant player in the Spanish insurance market, by acquiring Tractio Risk Correduría de Seguros .S.L. and Tractio Risk Solutions, S.L. (jointly ‘Tractio’).
Tractio is a highly specialised insurance brokerage in Spain, who boast a national and international presence. The acquisition is pending customary Spanish regulatory approvals and further enhances PIB’s broader strategy of building a leading independent pan-European commercial insurance brokerage.
This is PIB’s third investment in Spain, following on from Cicor Internacional Correduria de Seguros y Reaseguros (‘Cicor’) and Global Marine who officially joined the Group earlier this year. With Tractio as specialists in maritime, land and air transport sectors, their arrival will be highly complementary to Global Marine.
Brendan McManus CEO for PIB Group commented: “Tractio is a fantastic new addition to PIB Group. I’d like to give a very warm welcome to Iñigo, Rafael and their team who represent this flexible, young and dynamic business. Their skillset, culture and clear customer focus make them an obvious match for us.”
James Harmer, Head of European M&A commented: “I’m very excited about the opportunity to work with Rafael and Iñigo and to bring together their combined areas of expertise, which will create a full service proposition that extends PIB’s offering in Spain to Cargo, Marine Hull and Liability. We have also intensified our efforts in growing our presence in the Iberian Peninsula, and we will have more announcements in the forthcoming months as we build out international expansion strategy.”
Founded by Iñigo Erhardt and Rafael Real in 2011, Tractio is a highly specialised insurance brokerage in Spain. Their experience however extends more than 30 years in the transport, port and logistics sectors, which has led to the creation of products with innovative coverage provided through the business today. This has seen the team of 28 earn a reputation as leaders in the transport and energy sectors, with particular specialisms in maritime, land and air transport, as well as energy, SME and Private Equity.
Tractio is one of the top insurance brokers in Spain according “Economic and Financial Report of Spanish Insurance Brokerage firms” by INESE and IMAF.
Iñigo Erhardt and Rafael Real, Joint CEO’s for Tractio commented: “This is a fantastic opportunity for Tractio and we are very excited to represent PIB as they grow their presence in Spain. From the outset, we have placed emphasis on working with honesty, integrity and transparency in daily work and have found many similar attributes in PIB as we have enjoyed establishing a great relationship together. We would like to thank our talented team for all their dedication and support in delighting our customers and playing an important part in our success to date. We are looking forward to continuing our growth with the investment and support of PIB, which will bring many exciting benefits for both our people and customers.”
Full marine offering
Co-headquartered in Bilbao and Valencia with further offices in Barcelona, Madrid and Badajoz the Tractio team takes pride in offering a highly personalised service to their clients who are mainly SME’s.
As specialists in the maritime, land and air transport sector their policies include goods transport insurance, civil liability, machinery breakdown and other material damage. Additionally, they look for solutions for any type of ship or boat by going to the national and international market. This can include coverage for deep-sea or inshore fishing vessels, merchant vessels, tugboats, MARPOL and pleasure boats.
Customers will therefore be able to enjoy access to a complete marine offering across Tractio and Cicor, who are one of Spain’s leading insurance and reinsurance brokers. Its subsidiary Cicor Global Marine is a highly specialized broker with substantial knowledge in maritime and aviation insurance sectors. Maritime products include hull and machine insurance, maritime civil liability insurance, insurance of sports marinas, ports and terminals, as well as life, accident and health insurance for crews.
About Tractio, S.L.
Tractio Risk, S.L. (‘Tractio Risk’) a highly specialized insurance brokerage in Spain, who boast a national and international presence. Founded in 2011, their experience extends more than 30 years in the transport, port and logistics sectors, which has led to the creation of products with innovative coverage provided through the business today. The business has earned a reputation as leaders in the transport and energy sectors, with particular specialisms in maritime, land and air transport, renewables energy, SME and venture capital. For more information visit https://tractio.es