February 23 2023
PIB Group Ltd (‘the Group’; ‘PIB’) has added to its Spanish operations through the acquisition of Privat Asesoramiento Correduría de Seguros S.L. (‘Privat’). The Barcelona based brokerage is the seventh to join PIB’s growing Spanish portfolio, following two weeks on from acquiring Fidentia Hispana Correduria De Seguros, S.L. (‘Fidentia’). Both deals are pending customary approval from the Spanish regulator.
PIB is a dynamic and diversified, independent specialist insurance intermediary. The Group has grown rapidly across the UK and Europe through acquiring exceptional businesses as well as remaining focused on driving organic growth. It is committed to delivering on its ambition to build a leading specialist and diversified pan-European insurance distribution business.
Privat is a highly reputable Spanish insurance broker offering life and nonlife products to SMEs and individual customers. Over the last 30 years, the company has offered clients a wide range of products, with a particular focus on accidents, civil responsibility and household insurance. CEO Xavier Solá Castel will continue to lead the business and colleagues will provide the same high-levels of service to their loyal customer base.
Martín Navaz, CEO of PIB Group Spain, commented: “I’m very excited to welcome another excellent business to our Spanish division within PIB Group. The addition of Xavier and our new colleagues at Privat broadens the growing range of products and propositions we can offer to new and existing clients. Their expertise brings us another step closer to giving clients access to everything they might need through PIB in Spain, while also being able to leverage the Group’s collective strength and scale for international solutions.”
Xavier Solá Castel, CEO for Privat, added: “On behalf of everyone at Privat, we are very pleased to be joining PIB Group in Spain and bring our accidents, civil responsibility and household expertise. I’d like to thank all our colleagues and customers who have contributed to our growth and success over the last 30 years. We look forward to many more years together, which will see benefits all round, including investment in our people who can enjoy more learning and development to support their career paths.”
As part of the Group, Privat will be able to leverage PIB's strong relationships with insurance companies and existing products and services to continue building their success.
PIB has ambitious international expansion plans. Throughout 2023, it will continue to concentrate efforts and make significant investment into specialist businesses and teams in Europe which are complementary to and will benefit from the products and expertise elsewhere within the Group.
Onno Janssen, CEO of PIB Group Europe, added: “The acquisition pipeline across Europe is very healthy, and our activity in the Iberian Peninsula is no exception. This latest addition through Privat underlines our focus on unlocking the European market by expanding our existing footprint. We are attracting specialist brokers month by month and expect to announce updates on these very soon. The teams are also laser focused on organic growth, making sure we’re best serving clients across borders and needs. At the same time, plans are underway to enter more new markets to become a global champion built on trust and collaboration.”