PIB Group 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.”