PIB Group Iberia, a subsidiary of the UK-based PIB Group, has announced plans to acquire Vitorinos Group, an established insurance brokerage in Portugal. This marks PIB Group’s entry into the Portuguese market, further expanding its European footprint.
The terms of the deal have not been disclosed.
Vitorinos, which manages premiums totaling €80 million ($82 million), operates through seven companies: Afirma Mediação Seguros, APR Esteves, Beneseg, Linha Medieval, Miranseguros, Prémio Total, and Vitorinos Seguros. With a network of 16 offices across Portugal, the group employs more than 120 staff and serves a client base of over 150,000 individuals.
The acquisition is still subject to regulatory approval and is part of PIB Group’s broader strategy to strengthen its presence across Europe.
Martín Navaz, CEO of PIB Group Iberia, commented, “This acquisition represents a pivotal step in our growth strategy in Southern Europe. It consolidates our leadership in insurance brokerage and underscores our commitment to expansion and operational excellence.”
Following the completion of the acquisition, Mauricio Oliveira, the current general manager of Vitorinos Seguros, will take on the role of general manager for PIB Group Iberia in Portugal. Hugo Vitorino, the former owner of Vitorinos Seguros, will assume the position of Chief Operating Officer (COO).
Both Oliveira and Vitorino will report directly to Martín Navaz.
Oliveira expressed enthusiasm about the integration, stating, “Joining PIB Group Iberia marks an exciting new chapter for us. This partnership will enhance our ability to provide innovative solutions and exceptional service to our clients in Portugal.”
This acquisition follows PIB Group’s recent expansion into France with the purchase of BEA Group and its increased presence in the Netherlands through the acquisition of commercial insurance broker Thoma Exploitatie BV and its subsidiaries.
This strategic move strengthens PIB Group’s position in the European insurance market, positioning it as a major player in the sector.
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