PIB Group Ltd has made further inroads to building a strong retail presence in the Spanish market. Newly acquired Engloba, is PIB’s fourth investment in Spain (pending customary regulatory approval). The brokerage, which focuses on personal lines insurance with an emphasis on savings, investment and personal products, is formed of JMC Correduría de Seguros Mañero, S.L. (‘JMC’) and INS Brokers Consultang Correduría de Seguros Española, S.L. (‘IBC’).
With origins that go back to 1988 for JMC, Engloba operates throughout the Autonomous Community of Aragon and beyond, and is positioned as one of the most important brokers in the region.
José Luis Mañero, President for Engloba, commented: “We are very excited to be joining PIB Group, which is an exciting moment for everyone at Engloba. Our success is thanks to the hard work of our dedicated team and loyal clients, which has enabled us to offer an attractive proposition to PIB. One of the main drivers for our decision is that we are impressed with the Group’s increasing presence in Spain as well as globally, which are very proud to be able to contribute towards. This, coupled with their experience of successfully integrating companies, provides a strong foundation for the future to keep growing and see PIB move into the top tier of the Spanish market for insurance business.”
Growing portfolio
Engloba will join PIB’s growing portfolio of businesses in Spain, currently formed of Cicor and its subsidiary Global Marine, as well as Tractio. In addition, PIB acquired Confide Insurance and Reinsurance Broker SA (‘Confide’) in July with further expansion in the Iberian Peninsula coming under the leadership of Martín Navaz who is President of Confide.
Martín Navaz, commented: “I’m delighted that we will soon be working closely with José Luis Mañero and everyone at Engloba, as part of PIB Group. They are another impressive addition to PIB’s growing network of businesses across Spain and Europe, thanks to their strong reputation and loyal client base in their region. I’m really looking forward to getting to know everyone as we go on this exciting journey together. It is a privilege that PIB is able to invest in this very talented team and their ongoing career success, as well as Engloba as a business which will play an important part in building PIB’s reputation and consolidation activity in the Spanish insurance market. At the same time, we remain absolutely committed to the needs of all our clients, who will continue to enjoy access to the same long-term relationships they have established with their experts and regular contacts.”