PIB Group Expands with Vitorinos Group Acquisition
Deal News | Jan 20, 2025 | Re-Insurance News
In a significant strategic move, PIB Group Iberia expands its presence in Europe by acquiring the Vitorinos Group, an established Portuguese insurance brokerage. The acquisition marks PIB Group’s entry into the Portuguese market, aligning with its international growth strategy. The Vitorinos Group, which operates with 16 offices and over 120 employees throughout Portugal, manages a substantial portfolio of 150,000 clients and approximately 80 million in annual premiums. This acquisition, which is awaiting regulatory approval, is touted as the most pivotal deal for PIB Group in the Iberian Peninsula. It's aimed at consolidating PIB's leadership in Southern Europe’s insurance brokerage sector. Following the acquisition, Mauricio Oliveira, the General Manager of Vitorinos Seguros, will assume the role of General Manager for PIB Group Iberia in Portugal, and Hugo Vitorino will become the Chief Operating Officer (COO). Both will report to Martn Navaz, CEO of PIB Group Iberia. This development represents an exciting new chapter for Vitorinos, enhancing its ability to deliver innovative solutions to its clients.
Sectors
- Insurance
- Mergers and Acquisitions
Geography
- Portugal – Vitorinos Group operates throughout Portugal, and the acquisition marks PIB Group's entry into this market.
- Iberian Peninsula – The acquisition is significant for PIB Group Iberia, indicating a strategic focus on the Iberian region.
Industry
- Insurance – The acquisition involves insurance brokerage firms, indicating a focus on the insurance industry.
- Mergers and Acquisitions – The article discusses the acquisition of Vitorinos Group by PIB Group Iberia, highlighting activities typical of the M&A sector.
Financials
- 80 million – Business volume in managed premiums by Vitorinos Group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PIB Group Iberia | Acquirer | Company | A specialist insurance intermediary expanding its footprint in Europe. |
| Vitorinos Group | Target Company | Company | A Portuguese insurance brokerage with a portfolio of over 150,000 clients. |
| Onno Janssen | CEO of PIB Group Europe | Person | Responsible for commenting on PIB's European growth strategy. |
| Martn Navaz | CEO of PIB Group Iberia | Person | Leads PIB Group Iberia and oversees the acquisition strategy. |
| Mauricio Oliveira | General Manager for PIB Group Iberia in Portugal | Person | To lead PIB Group's operations in Portugal post-acquisition. |
| Hugo Vitorino | Chief Operating Officer | Person | Former owner of Vitorinos who will become COO following the acquisition. |