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PIB makes first Spanish acquisition with Cicor

PIB Group has agreed to acquire Spanish broker Cicor Internacional Correduria de Seguros y Reaseguros (Cicor) and its subsidiary Global Marine.

The expansive broker has struck a number of acquisition deals in the past 18 months, including in Poland and Germany, as it looks to push out into Europe.

In March, PIB agreed to buy financial lines MGA Acquinex, which has offices in Frankfurt, Warsaw and Copenhagen.

Early this year, PIB was acquired by Apax Partners in a deal that valued the intermediary business at around £1bn ($1.4bn), with former owner Carlyle Group reinvesting for a minority stake.

PIB CEO Brendan McManus said: “Cicor is one of the leading independent insurance brokers in the Spanish market.

“They are a brilliant new addition to PIB who will bring a new dynamic to our culture.”

James Harmer, head of European M&A at PIB, added: “Cicor is an excellent business and a fantastic first acquisition in the Spanish market.

“This is the first of many acquisitions we have planned in the Iberian Peninsula, and our aim is to build one of the largest client-focused insurance brokers in the market.”

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