PIB Group, a specialist insurance intermediary, has expanded its presence in Central and Eastern Europe with the acquisition of Nord Group, a provider of risk management, insurance and reinsurance solutions in Poland.
PIB signed a conditional agreement to acquire 100% of the shares in the companies of Nord Group, which include Nord Partner, Nord Re, and Nord Serwis. The completion of the transaction is subject to regulatory approval in Poland.
Nord Group has been in the market for 26 years, it now employs nearly 250 experts across Poland serving public sector entities, financial institutions, construction, industry, energy, chemical, transport, and healthcare sectors.
Brendan McManus, CEO of PIB Group, commented: “What we’ve acquired is a market-leading business with fantastic leadership and a talented, hard-working team. We’ve been very impressed with Nord from the outset and we’re 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.”
Krzysztof Bromka, President of the Management Board of Nord Partner, commented: “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 entered the Polish market in 2020 with the acquisition of WDB. It then added businesses such as Transbrokers.eu, Brokers Union, Exito Group, Equinum Broker, the reinsurance company ReSolutions, and the multi-agency insurance company Asist to its portfolio in the country.
It now operates insurance brokers, reinsurance brokers, and multi-agency insurance companies in Poland.
Mariusz Muszyński, CEO of PIB Group Poland, stated: “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.”
