PIB Group, which has already invested in three broking firms in Poland, has now acquired a Polish insurance multiagency.
Joining PIB’s Polish structure is Asist sp. z o.o., which will retain its branding and management team. Consisting of 1,300 partners, Asist placed more than PLN 320 million in total premium in 2021.
“We are pleased to join an international group operating in the insurance industry, where Asist will be the foundation of further agency market consolidation,” said Asist chief executive Rafal Ćwikliński (pictured).
“PIB Group is the partner we have been looking for a long time, holding numerous discussions with potential investors. They really understand our industry and offer wide opportunities for further development.”
Ćwikliński added: “I believe that access to the rich know-how of the entire group and the developed strategy of dynamic growth will allow us to even better support the insurance offices cooperating with us, further develop our IT platforms, and significantly increase the scale of our business.”
The Asist deal, financial terms of which were not disclosed and is pending regulatory approval, follows PIB’s purchase of WDB in 2020 and this year’s swoop for Brokers Union and the Exito Group.
“The addition of Asist to PIB Group is a very important step in a carefully planned strategy to consolidate the Polish agency market,” revealed PIB Agency chief executive Bartosz Słupski, who is in charge of coordinating the group’s consolidation processes on the Polish agency and multiagency market. “I have watched the development of this leading Polish multiagency with great admiration.
“Rafał, together with a fantastic team, will be the foundation for PIB’s presence on the Polish insurance multiagencies market. We have a busy but extremely interesting period ahead of us in building a leading insurance intermediary group in Poland.”
Offering products from 24 insurance companies, Asist specialises in motor, property, and life insurance. The network is supported by over 70 employees.
“Our fantastic team in Poland has grown again through the acquisition of Asist sp. z o.o,” declared group boss Brendan McManus. “I’d like to welcome Rafal and all our new colleagues to PIB Group, who will bring a new dimension to our growing proposition in the region.
“This is a great business to mark the start of PIB’s growth and activity in the Polish insurance agencies market.”