The transaction sees the continuation of PIB Group’s international ambitions.
PIB Group has bought financial lines MGA Acquinex, marking its third acquisition this year and its first European MGA purchase. PIB and Acquinex plan to combine expertise to “provide an SME focused solution” that is “not available anywhere else in the market”.
Headquartered in London, Acquinex provides mergers and acquisitions insurance products for small to mid-market deals across Europe. The business also focuses on underwriting warranty and indemnity and tax liability insurance for UK and European SME transactions.
PIB Group plans to use its latest purchase to help it build expertise in specialist segments which it regards as “poorly represented yet demonstrate attractive growth characteristics”. The organisation also plans to target businesses and teams in Europe, which complements its existing products.
Acquinex, which employs 20 staff, has a pan-European team serving clients from London, Frankfurt, Warsaw and Copenhagen offices.
As a result, PIB Group will now have a presence in Denmark; the business plans to expand further into Germany and Poland following the purchases of broking businesses WDB and Marx Re-Insurance Brokers in 2020.