February 9 2023
Building on its phenomenal growth in 2022, PIB Group Ltd (‘the Group’; ‘PIB’) has added another specialist new business to its Spanish operations through Fidentia Hispana Correduria De Seguros, S.L. (‘Fidentia’).
Since entering the market in October 2021, the Group has established a strong presence in Spain. Clients are serviced by around 220 highly qualified staff, led by Spain CEO Martín Navaz.
World leading private equity firms, Apax Funds and The Carlyle Group, back PIB and enable its success as a dynamic and diversified, independent specialist insurance intermediary. The business has grown rapidly across the UK and Europe since inception in 2015.
The acquisition of Fidentia adds to the Group’s growing range of specialist products and services, through its expertise across the aviation, jewellery and construction sectors. Managing Director, Miguel Calvo, will continue to lead the business to develop an even stronger presence in the jewellery and aviation sectors. Corporate clients across Spain can enjoy ongoing relationships with their day-to-day contacts who boast 100 years of combined industry experience.
Martín Navaz, CEO of PIB Group Spain, commented: “I would like to give a warm welcome to our new colleagues at Fidentia, who join our growing team of industry specialists. Their arrival puts us in an even stronger position to serve clients across a broader range of sectors.”
While the Fidentia team may be a recent addition to PIB’s portfolio of businesses, they are a familiar face to many of their new colleagues thanks to a strong long-standing trading relationship with Confide Insurance and Reinsurance Broker SA (‘Confide’), also a PIB company.
Confide is a specialist in providing insurance to companies, many of which are large Spanish and multinational companies. Key areas of expertise include business insurance, health sector, civil liability, D&O insurance, cyber, and other insurances.
Martín Navaz continued: “I have a deep respect for Miguel and the Fidentia team having worked with them for a long time. This next phase in our journey together as part of the pib Group will bring about more opportunities to best serve our clients.
“The success of PIB Group is based on acquiring specialist insurance businesses across growing markets. As soon as they join us, we provide the investment and support to enable businesses to retain their entrepreneurial spirit and meet their growth ambitions.
“We are getting ready for an even more successful year in Spain, building on our rapid growth to date and look forward to welcoming more talented teams throughout the coming year.”
Alongside Martín, a strong management team is in place which includes Gabriel Cereto as General Manager, Gerard Montes as Chief Financial Officer, Rafael Manchón as Chief of Legal and Compliance Officer, Daniel Lagüens as Chief of Information Officer and Inma Portero as Chief People Officer.
Onno Janssen, CEO of PIB Group Europe, added: “In Europe’s highly fragmented broker market, these acquisitions and the evolution of PIB Group bring exceptional service and knowledge to ever increasing numbers of clients. We are focused on creating the best-in-class offering for clients across markets and industries. I’m delighted to welcome everyone at Fidentia who will play an important part of our story. We are building a strong presence in Europe, and we’ll be adding even more specialist brokers to our Group as the year progresses.”
Since the Group’s formation in 2015, it has acquired almost 80 businesses in total across the UK and Europe.
Fidentia’s Managing Director, Miguel Calvo, said: “This is a special moment for our team as we become part of a bigger company. Fidentia’s expertise brings to the PIB Group a major presence and deep-rooted knowledge of the jewellery and aviation sectors. Our many long-standing clients, including some of over 30 years, is testament to the Fidentia’s team commitment and success. Joining PIB Group is the natural next step in our evolution.”
In recognition of its growing international footprint, PIB Group recently hosted its inaugural International Trading conference in Sitges. At the event, representatives from UK, Dutch, Polish, Irish, German, Italian and Spanish teams listened to Martín Navaz and Gabriel Cereto outline their vision. They also heard from members of the Group Executive team of who explained progress of the broader long-term strategy and international ambitions.