PIB, a specialist insurance intermediary, has expanded its European footprint by entering the Portuguese market through the acquisition of Vitorinos Group PIB Group Iberia.
This acquisition, still subject to regulatory approval, is a major step forward for PIB Group Iberia, supporting PIB Group’s international growth strategy, the firm stated.
Onno Janssen, CEO of PIB Group Europe, commented: “The Portuguese market is an integral part of our growth plan as we continue to expand across Europe. The acquisition of Vitorinos Group has placed PIB Group in a strong position as we head into 2025.”
Vitorinos Group is an insurance brokerage company founded over 50 years ago with a business volume of €80 million in managed premiums.
The company comprises seven companies: Vitorinos Seguros, Linha Medieval, Beneseg, Miranseguros, Afirma Mediação Seguros, APR Esteves, and Prémio Total.
The group operates throughout Portugal with 16 offices, over 120 employees, and a portfolio of over 150,000 clients.
“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,” says Martín Navaz, CEO of PIB Group Iberia.
Mauricio Oliveira, who has been serving as General Manager of Vitorinos Seguros, will step into the role of General Manager for PIB Group Iberia in Portugal.
Hugo Vitorino, the former owner of Vitorinos Seguros, will become Chief Operating Officer (COO). Both Oliveira and Vitorino will report to Martín Navaz, CEO of PIB Group Iberia.
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.”
