PIB Group has acquired Munich-based Marx Re-Insurance Brokers for an unknown sum, expanding its into the reinsurance market.

The move aligns with PIB’s existing scheme for international expansion.  The firm currently has Citynet Insurance Brokers, aQmen Underwriting and Thistle Underwriting among others under its banner.

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Marx Re is a reinsurance and insurance broking company, founded in 2009. The company specilaises in asset based business including property and construction, power generation and renewable energy sourced from Europe and Latin America.

PIB Group CEO Brendan McManus said: “I’m delighted to welcome onboard our new colleagues at Marx Re. This has been a unique opportunity to acquire an international operation driven by an outstanding individual and team.

“Their services will complement PIB’s existing offering while also broadening our proposition into reinsurance.”

Marx Re-Insurance Brokers has a five-strong team that has over 50 years of combined experience between them.  They will remain within the business following completion of the deal.

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Marx Re-Insurance Brokers MD Oliver Marx said: “I am very excited that Marx Re is becoming part of PIB Group. We are pleased to be joining a rapidly growing group that is focussed on acquiring highly specialist businesses, who are encouraged to retain their entrepreneurial spirt and strong client focus.

“With PIB’s investment, we look forward to accessing a broader range of resources and benefits that come with integrating into a wider group.”

Earlier in February, PIB acquired BK Insurance Brokers. It purchased CMR Insurance Services and Sue Smith last year.