PIB Group Iberia, a division of the specialist insurance coverage middleman PIB Group, is about to accumulate insurance coverage brokerage Vitorinos Group, marking its entry into Portugal.
Monetary phrases of the deal stay undisclosed.
Vitorinos has managed premiums price €80m ($82m). It consists of seven corporations – Afirma Mediação Seguros, APR Esteves, Beneseg, Linha Medieval, Miranseguros, Prémio Complete, and Vitorinos Seguros,
With a community of 16 workplaces throughout Portugal, the group has a workforce of greater than 120 and serves a consumer base exceeding 150,000.
This acquisition, which is pending regulatory clearance, varieties a part of PIB Group’s efforts to develop throughout Europe.
PIB Group Iberia CEO Martín Navaz mentioned: “This acquisition represents a key strategic step for PIB Group Iberia, and is crucial deal for the corporate within the Iberian territory to this point. It consolidates us as leaders in insurance coverage brokerage in Southern Europe and reaffirms our dedication to progress and excellence.”
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Upon completion of the deal, Vitorinos Seguros present normal supervisor Mauricio Oliveira will turn out to be PIB Group Iberia normal supervisor in Portugal. Vitorinos Seguros’ former proprietor Hugo Vitorino will function chief working officer (COO).
The duo will report back to PIB Group Iberia CEO Martín Navaz.
PIB Group Iberia Portugal normal supervisor Mauricio Oliveira mentioned: “Our integration into PIB Group Iberia marks an thrilling new chapter for Vitorinos Group. This union will strengthen our potential to supply modern options and distinctive service to our purchasers in Portugal.”
In November 2024, PIB Group made its French debut with the acquisition of BEA Group and in addition enhanced its presence within the Dutch market with the acquisition of business traces insurance coverage dealer Thoma Exploitatie BV and its subsidiaries.
