PIB Group acquires German reinsurance and insurance broker Marx Re
PIB Group, a UK-based insurance intermediary group, has acquired Marx Re-Insurance Brokers (Marx Re), a German reinsurance and insurance broking company for an undisclosed price.
The acquisition of the Munich-based insurance company is said to reflect PIB Group’s ongoing goal of global expansion while widening its proposition into offering reinsurance solutions.
Established in 2009, Marx Re-Insurance Brokers is said to have a global network of clients. The reinsurance and insurance broking company primarily focuses on asset-based business, especially in property and construction, power generation, and renewable energy sourced from Europe and Latin America.
Oliver Marx – MD for Marx Re-Insurance Brokers said: “I am very excited that Marx Re is becoming part of PIB Group. We are pleased to be joining a rapidly growing group that is focussed on acquiring highly specialist businesses, who are encouraged to retain their entrepreneurial spirt and strong client focus.
“With PIB’s investment, we look forward to accessing a broader range of resources and benefits that come with integrating into a wider group. This also presents a fantastic opportunity for us to support PIB to enter the reinsurance market and meeting their international growth ambitions.”
Marx Re-Insurance Brokers has a five-member team that is said to have more than 50 years of combined experience between them, who will remain within the business after closing of the deal.
Brendan McManus – CEO of PIB Group said: “This has been a unique opportunity to acquire an international operation driven by an outstanding individual and team. Their services will complement PIB’s existing offering while also broadening our proposition into reinsurance.
“I am looking forward to working with Oliver and the team to enable them to achieve their significant growth opportunities in highly specialist growth areas, into which we can invest further.”
The deal with Marx Re-Insurance Brokers follows PIB Group’s acquisition of the employee benefits division of Sanlam Wealth Planning UK earlier this year and also of BK Insurance Brokers and RA Insurance Brokers.
So far, PIB Group has made 29 acquisitions since December 2015 with the backing of an investment from the Carlyle Group.