PIB Group has furthered its retail presence in the Spanish market with the acquisition of the brokerage Engloba.
A company release said that this is PIB’s fourth investment in Spain. The transaction is pending customary regulatory approval.
Based in Zaragoza, Englobla focuses on personal lines insurance, with an emphasis on savings, investment, and personal products. With its origins dating back to 1988, the firm is the result of the merger between JMC Correduría de Seguros Mañero, S.L. (JMC) and INS Brokers Consultang Correduría de Seguros Española, S.L. (IBC). Engloba operates throughout the Autonomous Community of Aragon and beyond.
“We are very excited to be joining PIB Group, which is an exciting moment for everyone at Engloba,” said Engloba president José Luis Mañero. “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.”
Mañero noted that one of the main drivers for Engloba’s decision to join with PIB is that the broker was impressed with PIB’s increasing presence in Spain and globally.
“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,” the president added.
PIB’s Spanish businesses include Cicor and its subsidiary Global Marine, as well as Tractio. PIB also acquired Confide Insurance and Reinsurance Broker SA in July, further expanding the company’s presence in the Iberian Peninsula.
“I’m delighted that we will soon be working closely with José Luis Mañero and everyone at Engloba, as part of PIB Group,” said Confide president Martín Navaz. “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.”
