London-headquartered PIB Group has signed a conditional settlement to accumulate all shares of Nord Group, a transfer that’s set to broaden its footprint in central and japanese Europe.
The acquisition is at present pending regulatory approval in Poland, the place Nord Group has established a major presence since its inception in 1998.
Nord Group, which supplies danger administration, insurance coverage and reinsurance options, employs almost 250 specialists throughout Poland.
The group’s shopper base spans numerous sectors together with public entities, monetary establishments, and industries resembling development, power and healthcare.
Nord Group’s portfolio consists of Nord Companion, Nord Re and Nord Serwis.
Since getting into the Polish market in 2020 with the acquisition of WDB, PIB Group has progressively constructed its native portfolio, buying a number of companies together with multi-agency insurance coverage firm Asist, Brokers Union, Equinum Dealer, Exito Group, ReSolutions and Transbrokers.eu.
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The addition of Nord Group is anticipated to additional solidify PIB Group’s operations within the area.
Commenting on the acquisition, PIB Group CEO Brendan McManus mentioned: “What we’ve acquired is a market-leading enterprise with unbelievable management and a proficient, hard-working staff. We’ve got been very impressed with Nord from the outset and we’re very glad they’re changing into a part of our group. Nord may help us supply our purchasers a fair better vary and depth of specialist experience, and the broader PIB Group may help Nord construct on its spectacular monitor document.”
Nord Companion administration board president Krzysztof Bromka mentioned: “We’re happy to affix PIB Group, an impartial insurance coverage brokerage group. With an identical tradition and a full understanding of the position of an insurance coverage or reinsurance dealer, we are able to collaborate with high specialists in different international locations. Via PIB, we may also achieve better entry to worldwide insurance coverage and reinsurance markets, enabling us to supply our purchasers skilled assist in defending their pursuits, sources and investments.”
PIB Group Poland CEO Mariusz Muszyński mentioned: “The addition of Nord Group firms to PIB Group is a tremendously vital milestone within the growth of our model. This strengthens our place within the Polish insurance coverage market. Nord Group, with its wealthy historical past and excellent staff of specialists, brings huge expertise and an progressive method to danger administration, insurance coverage and reinsurance to PIB Group. We stay up for working with Krzysztof Bromka and his staff.”
In April, PIB Group acquired Romanian firm STEIN Bestasig Insurance coverage Dealer for an undisclosed sum. This deal marks PIB’s foray into Romania.
