The acquisition forms part of PIB Group’s efforts to expand across Europe. Credit: Pressmaster/Shutterstock.

PIB Group Iberia, a division of the specialist insurance intermediary PIB Group, is set to acquire insurance brokerage Vitorinos Group, marking its entry into Portugal.

Financial terms of the deal remain undisclosed.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Vitorinos has managed premiums worth €80m ($82m). It consists of 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 has a workforce of more than 120 and serves a client base exceeding 150,000.

This acquisition, which is pending regulatory clearance, forms part of PIB Group’s efforts to expand across Europe.

PIB Group Iberia CEO Martín Navaz said: “This acquisition represents a key strategic step for PIB Group Iberia, and is the most important deal for the company in the Iberian territory to date. It consolidates us as leaders in insurance brokerage in Southern Europe and reaffirms our commitment to growth and excellence.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Upon completion of the deal, Vitorinos Seguros current general manager Mauricio Oliveira will become PIB Group Iberia general manager in Portugal. Vitorinos Seguros’ former owner Hugo Vitorino will serve as chief operating officer (COO).

The duo will report to PIB Group Iberia CEO Martín Navaz.

PIB Group Iberia Portugal general manager Mauricio Oliveira said: “Our integration into PIB Group Iberia marks an exciting new chapter for Vitorinos Group. This union will strengthen our ability to offer innovative solutions and exceptional service to our clients in Portugal.”

In November 2024, PIB Group made its French debut with the purchase of BEA Group and also enhanced its presence in the Dutch market with the acquisition of commercial lines insurance broker Thoma Exploitatie BV and its subsidiaries.