Building on its rapid growth, PIB Group Ltd has announces (27 March 2023) it has added Grupo VG Europe Correduría de Seguros, S.A. (‘Vetop’) to the family (pending customary approval by the Spanish regulator). The Group is now the fifth largest broker in Spain with revenues of over €24m, led by Spain CEO Martín Navaz. It serves its Spanish clients from 10 offices with a team of over 220 experts.
PIB Group is backed by world leading private equity firms, Apax Funds and The Carlyle Group. It is a dynamic and diversified, independent specialist insurance intermediary which has grown rapidly since inception in 2015.
The acquisition of Vetop, a Spanish family-owned insurance broker with international corporate clients across 20 markets, deepens further the Group’s international reach.
Vetop has been operating since 1986 and was founded by Max Galceran and Juan Carlos Ventín. Since then, the business has developed a portfolio of corporate and international clients, making it one of the leading Spanish brokerage firms in this market segment. Its main business segments are health, energy, transport and general civil liabilities insurances.
Martín Navaz, CEO of PIB Group Spain, commented, “I want to warmly welcome our new Vetop colleagues to the PIB family. We are off to a hugely successful start already in 2023, building on our exceptional growth in 2022. Vetop’s scale, depth of client relationships and areas of specialism complement the other businesses in our family. We look forward to facilitating Juan Carlos Ventin and the team’s ongoing growth.”
To date, eight new businesses have been acquired by PIB in Spain in the 18 months it has operated in the market. The rapid growth is aligned to the broader acquisition trail and growth strategy across Europe, which in total saw the Group snap up 33 new businesses in 2022, bringing the total acquisitions to 73 since formation in 2015. Several more have been acquired already in 2023 across the UK and Europe.
Onno Janssen, CEO of PIB Group Europe, added, “Welcoming Vetop to our European family demonstrates, once again, our growth ambitions and our long-term vision. Through the acquisition of specialist, market-leading insurance businesses we grow our bench of expertise and are ever better placed to service our clients in the best way. We’ll be sharing more exciting news of our growth across Europe, and in Spain particularly, over the coming months.
PIB’s success is based on its acquisition of specialist insurance businesses across growing markets. Collaboration across the Group helps ensure all clients receive the very best support.
Juan Carlos Ventín and CFO Montse Galcerán will continue to be involved in leading the brokerage in the coming years.
Discussing the acquisition, Vetop CEO, Juan Carlos Ventin, commented: “I’m excited about this new stage in our company’s history. The vision of PIB Group and its expansion across all major European territories is clear; they want to create a leading force in the industry which includes the very best businesses in the sector. Clients will seamlessly receive the same level of service and experience from our committed colleagues now and into the future.”
PIB Group has also received customary approval from the Spanish regulator for their acquisitions of Privat and Campos y Rial. Those acquisitions were first announced in February 2023 and December 2022, respectively.