Thursday, April 18, 2024

CMS, Andersen advise PIB on Privat acquisition

CMS Albiñana & Suárez de Lezo and Andersen have advised PIB Group on its acquisition of Barcelona-based Privat Asesoramiento Correduría de Seguros


PIB Group Ltd has expanded its Spanish operations through the acquisition of Privat Asesoramiento Correduría de Seguros S.L. The Barcelona-based brokerage is the seventh to join PIB’s growing Spanish portfolio, following two weeks from the acquisotion of Fidentia Hispana Correduria De Seguros, S.L. Both deals are pending customary approval from the Spanish regulator.

PIB is a dynamic and diversified, independent specialist insurance intermediary. The Group has grown rapidly across the UK and Europe through acquiring exceptional businesses as well as remaining focused on driving organic growth. It is committed to delivering on its ambition to build a leading specialist and diversified pan-European insurance distribution business.

Privat is a highly reputable Spanish insurance broker offering life and nonlife products to SMEs and individual customers. Over the last 30 years, the company has offered clients a wide range of products, with a particular focus on accidents, civil responsibility and household insurance. CEO Xavier Solá Castel will continue to lead the business and colleagues will provide the same high-levels of service to their loyal customer base.

Martín Navaz, CEO of PIB Group Spain, commented: “I’m very excited to welcome another excellent business to our Spanish division within PIB Group. The addition of Xavier and our new colleagues at Privat broadens the growing range of products and propositions we can offer to new and existing clients. Their expertise brings us another step closer to giving clients access to everything they might need through PIB in Spain, while also being able to leverage the Group’s collective strength and scale for international solutions.”

Xavier Solá Castel, CEO for Privat, added: “On behalf of everyone at Privat, we are very pleased to be joining PIB Group in Spain and bring our accidents, civil responsibility and household expertise. I’d like to thank all our colleagues and customers who have contributed to our growth and success over the last 30 years. We look forward to many more years together, which will see benefits all round, including investment in our people who can enjoy more learning and development to support their career paths.”

As part of the Group, Privat will be able to leverage PIB’s strong relationships with insurance companies and existing products and services to continue building their success.

CMS Spain advised PIB with a team led by partner Jaime Bofill, together with senior associate Guillermo Ruiz Barrilero, and associates Andrea Campos and Ana Pellejero

Andersen advised PIB on Regulatory and Tax Due Diligence with a team formed by partners Miguel Prado Gangoiti and Juan Roda, and senior associate María Cabanillas.

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