London-headquartered PIB Group has signed a conditional agreement to acquire all shares of Nord Group, a move that is set to expand its footprint in central and eastern Europe.
The acquisition is currently pending regulatory approval in Poland, where Nord Group has established a significant presence since its inception in 1998.
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Nord Group, which provides risk management, insurance and reinsurance solutions, employs nearly 250 experts across Poland.
The group’s client base spans various sectors including public entities, financial institutions, and industries such as construction, energy and healthcare.
Nord Group’s portfolio includes Nord Partner, Nord Re and Nord Serwis.
Since entering the Polish market in 2020 with the purchase of WDB, PIB Group has progressively built its local portfolio, acquiring several businesses including multi-agency insurance company Asist, Brokers Union, Equinum Broker, Exito Group, ReSolutions and Transbrokers.eu.
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By GlobalDataThe addition of Nord Group is expected to further solidify PIB Group’s operations in the region.
Commenting on the acquisition, PIB Group CEO Brendan McManus said: “What we have acquired is a market-leading business with fantastic leadership and a talented, hard-working team. We have been very impressed with Nord from the outset and we are very happy they are becoming part of our group. Nord can help us offer our clients an even greater range and depth of specialist expertise, and the wider PIB Group can help Nord build on its impressive track record.”
Nord Partner management board president Krzysztof Bromka said: “We are pleased to join PIB Group, an independent insurance brokerage group. With a similar culture and a full understanding of the role of an insurance or reinsurance broker, we can collaborate with top experts in other countries. Through PIB, we will also gain greater access to international insurance and reinsurance markets, enabling us to provide our clients professional support in protecting their interests, resources and investments.”
PIB Group Poland CEO Mariusz Muszyński said: “The addition of Nord Group companies to PIB Group is a tremendously important milestone in the development of our brand. This strengthens our position in the Polish insurance market. Nord Group, with its rich history and outstanding team of experts, brings enormous experience and an innovative approach to risk management, insurance and reinsurance to PIB Group. We look forward to working with Krzysztof Bromka and his team.”
In April, PIB Group acquired Romanian company STEIN Bestasig Insurance Broker for an undisclosed sum. This deal marks PIB’s foray into Romania.
