Building on its rapid growth, PIB Group Ltd has added Grupo VG Europe Correduría de Seguros, S.A. (Vetop) to the family (pending customary approval by the Spanish regulator). The Group is now the fifth largest broker in Spain with revenues of over €24 million, led by Spain CEO Martín Navaz. It serves its Spanish clients from 10 offices with a team of over 220 experts.
The acquisition of Vetop, a Spanish family-owned insurance broker with international corporate clients across 20 markets, deepens further the Group’s international reach.
Vetop has been operating since 1986 and was founded by Max Galceran and Juan Carlos Ventín. Since then, the business has developed a portfolio of corporate and international clients, making it one of the leading Spanish brokerage firms in this market segment. Its main business segments are health, energy, transport and general civil liabilities insurances.
Martín Navaz, CEO of PIB Group Spain, commented: “I want to warmly welcome our new Vetop colleagues to the PIB family. We are off to a hugely successful start already in 2023, building on our exceptional growth in 2022. Vetop’s scale, depth of client relationships and areas of specialism complement the other businesses in our family. We look forward to facilitating Juan Carlos Ventin and the team’s ongoing growth.”
Onno Janssen, CEO of PIB Group Europe, added: “Welcoming Vetop to our European family demonstrates, once again, our growth ambitions and our long-term vision. Through the acquisition of specialist, market-leading insurance businesses we grow our bench of expertise and are ever better placed to service our clients in the best way. We’ll be sharing more exciting news of our growth across Europe, and in Spain particularly, over the coming months.”
Juan Carlos Ventín and CFO Montse Galcerán will continue to be involved in leading the brokerage in the coming years.
CMS Spain’s team was led by partner Jaime Bofill, and included senior associate Guillermo Ruiz Barrilero and associates Andrea Campos and Ana Pellejero.
