PIB Group has revealed another major deal in Poland, this time swooping for Warsaw-based advisory and brokerage services provider Exito Consulting – its second acquisition in the country this year.
The transaction comes about four weeks after the insurance giant snapped up Brokers Union, marking PIB’s rapid expansion in Europe.
Under the terms of the deal, PIB will acquire the entire group of businesses under Exito, which offers advisory and brokerage services for both life and non-life insurance clients. The firm will then join PIB’s growing international division, which comprises its home to retail, reassurance, and wholesale businesses. Apart from Poland, these units boast established presence in Germany, Ireland, Spain, and the Netherlands.
Both Exito and Brokers Union are expected to enhance the capabilities of WDB, a brokerage firm acquired by PIB in 2020. Together, these businesses will work closely to provide a broader range of specialties, products, and services across Poland.
Read more: PIB Group snaps up Polish insurance broker
“[Exito is] a brilliant business [that has] experienced steady income growth over the last few years, which makes them a very attractive investment alongside their excellent knowledge, customer service levels, and reputation,” said Brendan McManus, chief executive officer for PIB. “I know everyone in WDB will make them feel very welcome and give plenty of support in leveraging the strength and scale of PIB to meet their local ambitions in the region.”
Exito was founded in 2006 as a risk management advisory firm. Today, the firm acts solely as a holding company for three trading entities – Exito Broker, Eko Broker, and ECRB – that support clients across the contract insurances and warranties, marine (shipyards), construction, railway, transportation, renewable energies, and environmental sectors.
“A particular value for us in the investment from PIB is the direct access to the best insurance solutions from the London market,” said Krzysztof Mleczak, chief executive officer for Exito Consulting. “With our high specialization and niche offering in areas such as contract insurances, shipbuilding, maritime, and waste management insurance, we will look forward to contributing our unique value to the entire PIB Group. At the same time, we look forward to gaining the ability to provide services not only locally, but also globally.”
All Exito employees will remain following the acquisition and will continue to trade under their brands for the foreseeable future.
“One of the most important reasons, personally, for Exito to join the PIB Group was to ensure a stable and bright future for our clients and brokerage teams,” Mleczak added. “For young people hungry for growth, opening these ‘European business doors’ is a great professional development opportunity.”
