Oct 11, 2022
PIB Group Ltd (‘PIB’), is strengthening its presence in the Polish market for the third time this year. This time, the Group has turned its sights to entering the region’s insurance agencies market through the acquisition of Asist sp. z o.o., the country's leading insurance multiagency.
The move follows on from PIB’s three investments to date in brokerage companies WDB who were acquired in 2020, followed by Brokers Union and the Exito Group earlier in 2022’. The transaction is pending regulatory approval, and reflects PIB’s rapid growth in the CEE region as well as the start of PIB’s intent for further consolidation activities within the Polish agency industry.
Brendan McManus, CEO for PIB Group commented: “Our fantastic team in Poland has grown again through the acquisition of Asist sp. Z o. I’d like to welcome Rafal and all our new colleagues to PIB Group, who will bring a new dimension to our growing proposition in the region. This is a great business to mark the start of PIB’s growth and activity in the Polish insurance agencies market.”
With origins that date back to 2002, Asist is one of Poland’s largest insurance multiagency and will join PIB’s Polish structure. Since 2009, the company has consistently pursued its growth strategy by building a network of cooperating insurance agents. Today, the distribution structure has 1,300 partners and the total premium placed on the market for 2021 exceeds PLN 320 million. Both the company’s management team and its brand remain unchanged.
Bartosz Słupski, who is CEO of PIB Agency and responsible for coordinating PIB’s consolidation processes on the Polish agency and multiagency market, commented: “The addition of Asist to PIB Group is a very important step in a carefully planned strategy to consolidate the Polish agency market. I have watched the development of this leading Polish multiagency with great admiration. Rafał together with a fantastic team will be the foundation for PIB’s presence on the Polish insurance multiagencies market. We have a busy but extremely interesting period ahead of us in building a leading insurance intermediary group in Poland. Our priorities will be to provide the best possible customer service and professional support to partners within our sales network. This will be possible thanks to the extensive experience of the Asist team, continued investment in highly rated IT systems and leading international Group practices."
Asist offers products from twenty-four insurance companies, meeting the needs of customers in the areas of motor, property and life insurance. The day-to-day work of the network is supported by more than 70 employees at the company's headquarter and modern IT systems, supporting both distribution and policy management.
Rafal Ćwikliński, Asist CEO, commented: “We are pleased to join an international group operating in the insurance industry, where Asist will be the foundation of further agency market consolidation. PIB Group is the partner we have been looking for a long time, holding numerous discussions with potential investors. They really understand our industry and offer wide opportunities for further development. I believe that access to the rich know-how of the entire group and the developed strategy of dynamic growth will allow us to even better support the insurance offices cooperating with us, further develop our IT platforms and significantly increase the scale of our business.”
Asist joining PIB’s increasingly international structure is the first step in a strategy to consolidate the Polish insurance agencies market. Agents from the Asist business network will benefit from access to the international insurance market and a financially stable group. In addition, taking a consolidated approach will mean the ability to offer clients a much broader range of leading insurance practices and solutions.
Today, PIB Group collectively places more than £1.9 billion in premiums and generates revenues in excess of £290 million, and currently operates in seven different countries across Europe.