Rapidly growing British insurance intermediary PIB Group Ltd (‘PIB’) has entered the Italian insurance brokerage market through the acquisition of Area Brokers Industria S.p.A (‘ABI’).
ABI is one of the top 20 brokerages in Italy, offering consulting services and a comprehensive range of insurance products to commercial and retail clients. ABI’s clients are served by a highly qualified team of 31, with brothers Lorenzo (CEO) and Marco Riccardi (CTO) at the helm. Their client base spans SME’s through to international groups with strong economic interests all over the world.
PIB is a dynamic and diversified independent specialist insurance intermediary backed by private equity firms, Apax Funds and The Carlyle Group. PIB has grown rapidly since inception in 2015 and now generates £2.0bn+ Gross Written Premium (GWP), and revenues in excess of £300m. In 2022 alone, the Group acquired 30 new businesses, bringing the total number of acquisitions since formation to 73.
The inaugural Italian investment (pending customary regulatory approval) is an important milestone, extending the Group’s presence deeper into Southern Europe. This aligns to the broader strategy of increasing geographic diversity and creating a leading specialist and diversified pan-European insurance distribution business. Through collaboration across PIB’s firms, clients can access a broad range of products, services alongside excellent support, and businesses such as ABI are empowered to continue building on their successes.
Looking ahead, PIB’s portfolio of businesses will continue to grow rapidly throughout 2023. With the addition of ABI in Italy, PIB now has a presence in eight markets including the UK, Ireland, Germany, Poland, Spain and the Netherlands. More territories are within PIB’s sights for further expansion in the coming months.
Onno Janssen, CEO for PIB Group Europe, commented: “I can think of no better way to start 2023 than by welcoming our new colleagues at ABI to PIB Group. With ABI under the continued leadership of Lorenzo and Marco, we are delighted to begin our exciting expansion into the Italian brokerage market. Through this important investment, we look forward to supporting ABI’s ambitions to acquire other high quality insurance brokers in Italy and to develop its overseas business. In turn, we will enhance the company proposition internationally and unlock another level of value-add service for clients.”
Lorenzo Riccardi, CEO for ABI commented: “We are proud of the step we are taking in Italy and Europe alongside PIB Group. The dynamic and diversified structure, the set of solid technical skills embedded in a culture devoted to collaboration and inclusion, and the financial strength of PIB, are well aligned to the growth path that we have already started pursuing.”
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