Broker PIB hints at more M&A with big swoop in Polish market
UK-based insurance intermediary PIB Group has strengthened its capabilities in Europe with its latest deal to buy Brokers Union, while hinting at a pipeline of “several investments” as part of its wider international expansion strategy.
Brokers Union is an independent Polish insurance brokerage that operates a diverse business mix based on several sub segments of life and non-life insurance, with particular expertise in public administration as well as sectors including healthcare, property management and transportation.
The acquisition is a part of PIB's strategy to further expand within Poland and potentially the wider CEE (Central and Eastern Europe) region. Brokers Union will complement and enhance the offering provided by WDB, another Polish brokerage that is also part of the PIB Group.
PIB said the deal for Brokers Union is “one of several investments under consideration” by the group, which are being coordinated locally by WDB as a part of its consolidation strategy on the Polish market.
The activities represent part of the broader international expansion plans underway at PIB Group, which has a growing presence across the UK, Channel Islands, Ireland, Germany, Poland, Denmark, Spain and the Netherlands.
Brendan McManus (pictured), CEO for PIB Group, said: “This is another exciting moment for PIB Group as we welcome everyone at Brokers Union who are based in Poland. Their arrival boosts PIB’s growing international footprint and their expertise further strengthens our existing capabilities in the territory through our WDB operation. We look forward to investing in the next chapter of success for Brokers Union and their collaboration with WDB, for the benefit of their customers and colleagues alike.”
Mariusz Muszyński, CEO for WDB, added: “Welcome to everyone at Brokers Union who have joined PIB Group and who will work closely with us at WDB. I am delighted that they will join us in representing PIB’s growing Polish operation and the opportunity to work together on a number of synergies. Their experience in handling public tenders will be a particularly valuable addition to our combined offering. I look forward to working with Filip, Patrycja and their fantastic team whose close proximity to us in Wroclaw is a great start to our ambition of building a strong brokerage hub for our region.”
Filip Rybacki, CEO for Brokers Union, commented: “I’m very glad that we are now, together with WDB, part of the PIB Group. This is a huge step for our company towards building a strong and competitive brand on the Polish and foreign markets. I am convinced that the combination of our knowledge and experience will bring both sides many tangible benefits. Is it not only an opportunity for business development, but the investment also represents a huge injection of energy and inspiration that will support our daily operations. Most importantly for our employees, I believe that we are building a great space for their personal and professional development.”
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