PIB Group Ltd has completed its acquisition of Cicor Internacional Correduria de Seguros y Reaseguros (‘Cicor’), an independent specialist insurance intermediary in Spain. The news follows customary regulatory approvals since the investment was first announced in October 2021.
Brendan McManus, CEO for PIB Group commented: “I’m delighted that we can extend an official warm welcome to Angelo and his team at Cicor. They are a brilliant new addition to PIB, and their arrival further consolidates the Group’s strategy of building a leading pan-European commercial insurance brokerage.”
This is the first business in the Spanish market Spain for PIB, one of many pan-European markets that are being actively targeted as part of PIB’s ambitious international expansion strategy. The acquisition includes Global Marine, a subsidiary of Cicor.
James Harmer, Head of European M&A for PIB Group commented: “Cicor is an excellent business and a fantastic first acquisition in the Spanish market. We are all excited about the skills and capabilities that Cicor bring to PIB. This is the first of many acquisitions we have planned in the Iberian Peninsula and our aim is to build one of the largest client focused insurance brokers in the market.”