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Friday, March 29, 2024

CMS Spain advises PIB Group on the acquisition of Engloba

CMS Albiñana & Suárez de Lezo has advised PIB Group on the acquisition of Engloba, a Zaragoza-based brokerage specialising in personal lines insurance

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With the acquisition of Engloba, PIB Group has now acquired a total of 4 insurance brokerages in Spain. Engloba joins Cicor, its subsidiary Global Marine, and Tractio as part of Grupo PIB’s Spanish portfolio.

Independent specialist insurance intermediary PIB Group Ltd has made further inroads to building a strong retail presence in the Spanish market. Newly acquired Engloba, is PIB’s fourth investment in Spain (pending customary regulatory approval). The brokerage, which focuses on personal lines insurance with an emphasis on savings, investment and personal products, is formed of JMC Correduría de Seguros Mañero, S.L. and INS Brokers Consultang Correduría de Seguros Española, S.L.

With origins that go back to 1988 for JMC, Engloba operates throughout the Autonomous Community of Aragon and beyond, and is positioned as one of the most important brokers in the region.

José Luis Mañero, President for Engloba, commented: “We are very excited to be joining PIB Group, which is an exciting moment for everyone at Engloba. Our success is thanks to the hard work of our dedicated team and loyal clients, which has enabled us to offer an attractive proposition to PIB. One of the main drivers for our decision is that we are impressed with the Group’s increasing presence in Spain as well as globally, which are very proud to be able to contribute towards. This, coupled with their experience of successfully integrating companies, provides a strong foundation for the future to keep growing and see PIB move into the top tier of the Spanish market for insurance business.”

CMS Spain’s team was led by partner Jaime Bofill along with senior associate Guillermo Ruiz Barrilero and associates Andrea Campos and Ana Pellejero.

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