PIB Group acquires two more Italian brokers

Specialty broker PIB Group has acquired two Italian firms in line with its ambitions to expand in Europe. Construction sector specialist Emmeb Broker and sports specialist Private Broking become PIB’s third and fourth acquisitions in the Italian market, adding to Area Brokers Industria last year and Inside 2.0 earlier this year.

Based in Milan, Private Broking opens a new market for PIB through its expertise in Italy’s sports sector, which PIB said will generate synergies with its operations in the London insurance market.

Emmeb, based in Genoa, was founded in 2020 and offers insurance products in the construction sector, which PIB said holds significant growth opportunities.

Lorenzo Riccardi, CEO of PIB Group Italy and CEO of Area Brokers Industria, will also take on the role of CEO of Emmeb and become a board member of Private Broking.

Riccardi said: “These strategic moves aim to position the group among the leading independent brokers in the country. Private Broking will enable us to enter a new market – the sports sector – leveraging synergies and expanding growth opportunities through the strong relationships PIB Group has developed in the London market.

“Additionally, with the integration of Emmeb, we will further strengthen our presence in the construction sector, which is currently crucial in the Italian market, and expand into Genoa, one of the main national hubs for the maritime and transport sectors.”

PIB’s gross revenues from the combined operations in Italy will total €35m, the broker said.

Edoardo Ceola, CEO of Private Broking, said PIB Group’s investment will back its expansion and strengthen its offering to clients.

“While we have already secured long-term agreements with national sports clubs and associations, we see enormous potential to further expand our sports insurance business, both nationally and internationally. We are excited about the new opportunities that will arise as part of this ambitious group,” Ceola said.

Alberto Morino, general manager of Emmeb, said: “We are a young and highly profitable broker, with double-digit growth in recent years, which confirms our ability to penetrate the market and attract new clients. The synergies that can be created by leveraging PIB’s wide range of products in this sector will bring immediate benefits and added value to our entire portfolio. The acquisition will improve operational efficiency and increase cross-selling opportunities.”

PIB Group’s European CEO Onno Janssen said the acquisitions underline PIB’s commitment to strengthening its position in Italy and Europe more widely.

“The acquisition of Emmeb and Private Broking by PIB Group is not just a geographical expansion, but also a strategy to increase overall profitability through the integration of skills and resources, capitalising on the synergies between the companies,” Janssen said.