PIB Group Expands with Acquisition of Elleti Broker

Deal News | Feb 19, 2025 | Finance Community IT - 1 Corporate M&A

PIB Group has announced the acquisition of Elleti Broker, a Rome-based brokerage company specializing in surety and guarantees, with a substantial portfolio valued at over 700 million euros and more than 1,100 policies. Orchestrated under the leadership of Matteo Corbari, head of M&A at PIB Italia, this acquisition aims to bolster the group's presence in the Italian market and strengthen its foothold in the surety sector. The acquisition aligns with PIB Group's strategy to identify and leverage innovative local enterprises that are deeply rooted in their territories, complementing its operations in Italy, particularly in the strategic hub of Rome. The integration of Elleti Broker, along with recent acquisitions such as Inside 2.0, Private Broking, and Emmeb Broker, raises PIB Italia's revenues beyond 35 million euros. Founded in 2012 by Giuseppe Tirelli, Elleti Broker is recognized by IVASS as a leading authority in the insurance surety brokerage industry, with a business model characterized by technical expertise and rapid operational capability. The acquisition will not only maintain Tirelli's leadership but also inject international resources and networks for further growth and market challenges.

Sectors

Insurance Brokerage
Financial Services

Geography

Italy – The acquisition of Elleti Broker, based in Rome, reflects PIB Group's strategic growth within the Italian market.
Europe – PIB Group's broader strategic aim is to become a leading insurance entity across Europe, as highlighted by its geographical expansion and integration activities.

Industry

Insurance Brokerage – The acquisition involves Elleti Broker, a company specializing in insurance surety and guarantees, highlighting the insurance brokerage industry's focus on specialized finance solutions.
Financial Services – PIB Group's operations and strategic acquisitions are set within the financial services industry, emphasizing growth and consolidation in the surety and guarantees segment.

Financials

700 million euros – Value of guarantees held by Elleti Broker as part of its surety portfolio.
1,100 – Number of policies in Elleti Broker's portfolio.
35 million euros – Combined revenue of PIB Italia post-acquisition.
3 million euros – Revenue generated by Elleti Broker in 2024, reflecting growth over the recent three years.

Participants

Name	Role	Type	Description
PIB Group	Acquirer	Company	An international insurance group seeking to expand its footprint in Europe, particularly in the Italian surety market.
Elleti Broker	Target Company	Company	A Rome-based insurance brokerage specializing in surety and guarantees with a significant market presence and innovative business model.
Matteo Corbari	Head of M&A	Person	Leads the M&A function at PIB Italia, overseeing strategic acquisitions to expand PIB Group's market presence.
Giuseppe Tirelli	Founder and Leader	Person	Founder of Elleti Broker, set to continue leading the company post-acquisition.
Lorenzo Riccardi	CEO of PIB Group Italia	Person	CEO of PIB Group Italia and Area Brokers Industria, he focuses on strategic growth and integration of acquired entities.