PIB Group has announced the acquisition of Tractio Risk Correduría de Seguros and Tractio Risk Solutions, jointly known as Tractio.

Tractio is a specialised insurance broker in Spain with national and international operations. 

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The acquisition is expected to bolster PIB’s presence in the Spanish insurance market and support its strategy to build a ‘leading independent pan-European commercial insurance brokerage.’

The Spanish firm was founded by Iñigo Erhardt and Rafael Real in 2011.

It specialises in the maritime, land and air transport sector and offers bespoke solutions mainly to SME clients. 

PIB did not disclose the financial terms of the transaction, which is yet to receive regulatory approval. 

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The deal builds on PIB’s earlier investments in Spain that are Cicor Internacional Correduria de Seguros y Reaseguros (Cicor) and Global Marine.

PIB Group CEO Brendan McManus said: “Tractio is a fantastic new addition to PIB Group. I would like to give a very warm welcome to Iñigo, Rafael and their team who represent this flexible, young and dynamic business. Their skillset, culture and clear customer focus make them an obvious match for us.”

Tractio joint CEOs Iñigo Erhardt and Rafael Real said: “This is a fantastic opportunity for Tractio and we are very excited to represent PIB as they grow their presence in Spain. 

“We are looking forward to continuing our growth with the investment and support of PIB, which will bring many exciting benefits for both our people and customers.”

Last month, UK-based PIB brokered a deal to buy specialist independent broker Guest Krieger to strengthen capabilities in London.