PIB Group, the insurance brokerage owned by the venture capital funds Apax and Carlyle, announced yesterday the purchase of the VG Europe brokerage, which operates commercially under the Vetop brand. With this acquisition, the group, led by Martín Navaz in Spain, becomes the fifth largest insurance broker in Spain. with annual revenues of more than 24 million euros.
PIB Group is a British group that has grown rapidly in Spain since it entered, a year and a half ago. The firm has acquired eight brokerages in the country and already has 10 offices and a team of more than 220 professionals. Its last two acquisitions, Privat and Campos y Rial, have just been authorized by the DGS.
Vetop is a brokerage specialized in insurance for companies with an international presence and with special weight in health, energy, transport and general civil liability insurance. Martín Navaz, CEO of PIB Group Spain, explained in a statement that "Vetop's scale, the depth of its relationships with customers and its areas of expertise complement the other companies in our group".
PIB Group, with the resources of venture capital funds, has designed a strategy of creating a pan-European brokerage with the purchase of medium-sized companies. Since its foundation in 2015, the group has acquired 73 companies, 22 of them in 2022. Currently, PIB Group is present in the United Kingdom, the Channel Islands, Ireland, Germany, Poland, Denmark, Spain, Italy and the Netherlands.
