The acquisition marks PIB’s first foray into the reinsurance broking market

PIB Group has acquired Marx Re for an undisclosed sum.

Founded in 2009, Munich-based Marx Re is a reinsurance and insurance broking company with a global network of clients. It has a major focus on asset-backed business, primarily in property and construction, power generation and renewable energy sourced from Europe and Latin America.

The acquisition is part of PIB’s ongoing ambition of international expansion and widens the Group’s proposition into providing reinsurance solutions.

PIB Group chief executive Brendan McManus said the newly acquired business would “complement” the group’s existing operations.

“I’m delighted to welcome onboard our new colleagues at Marx Re,” he 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.”

Marx Re managing director Oliver Marx 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 spirit 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.”

Earlier this year, PIB also announced the acquisition of the employee benefits division of Sanlam Wealth Planning UK, and more recently BK Insurance Brokers and RA Insurance Brokers.

In total, the Group has made 29 acquisitions since December 2015.