PIB Group has expanded its footprint in Europe with its recent acquisition of Polish insurance broker WDB.
WDB joins Marx Re in Germany and Optis Insurance in Ireland as PIB’s third business in Europe. In a statement, PIB said the acquisition demonstrates its “ongoing ambition to expand into Europe over the next 10 years, and an opportunity to target further growth within Poland and potentially the wider CEE [Central and Eastern Europe] region.”
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Founded in 2007, WDB’s roughly 40 employees are spread across offices in Wroclaw and Warsaw. PIB said that all WDB employees will remain with the business following completion of the deal.
Maruisz Musznski, chief executive officer of WDB, said that PIB’s investment is a “great endorsement of the chosen development strategy.”
“From the very beginning, at WDB, we have focused on organic growth by expanding both the client portfolio and the insurance solutions offered,” said Musznski. “For us, joining PIB Group means, above all, access to specialistic knowledge and capital, which will allow us to play an important role in the consolidation of brokerage markets in Poland and the CEE region. Joining one of the largest independent insurance brokers in Europe also means exposure to international solutions and best brokerage practices. This is another breakthrough moment on our business path. We are very happy to start collaborating with our new colleagues from PIB Group.”
For his part, Brendan McManus, chief executive officer of PIB Group, said the acquisition was “a very exciting step forward for our expansion into Europe.”
“With support from PIB, the WDB management team led by CEO Mariusz Muszynski intends to widen its product base to drive organic growth, as well as acquire similar professional insurance brokers in Poland, and potentially the wider CEE region,” said McManus. “Their entrepreneurial approach, collaborative culture and track record of growth along with excellent client service makes the team a great fit with PIB. I look forward to seeing their plans come to fruition over the coming months.”
