The purchase represents a continuation of the firm’s strategy to turn towards European M&A

PIB Group has acquired Spanish specialist transport and energy broker Tractio, bolstering its presence in Europe.

Tractio is co-headquartered in Bilbao and Valencia - it also maintains further offices in Barcelona, Madrid and Badajoz.

The business was founded in 2011 by Iñigo Erhardt and Rafael Real. It has specialisms in maritime, land and air transport as well as energy, SME and private equity.

The deal represents PIB’s third acquisition in Spain following its purchase of Cicor and subsidiary Global Marine in October 2021.

The transaction aims to provide Spanish customers with a “complete marine offering across Tractio and Cicor”, with both companies providing coverage across lines including deep sea or inshore fishing vessels, merchant vessels, tugboats and pleasure boats.

Last month, PIB chief executive Brendan McManus told Insurance Times that PIB was targeting its M&A strategy towards Europe because it was “running out of opportunities in the UK” to continue its current pace of consolidation and growth.

Full service proposition

Speaking on the acquisition, PIB Group’s head of European M&A, James Harmer, said: “I’m very excited by the opportunity to work with Rafael and Iñigo and to bring together their combined areas of expertise, which will create a full service proposition that extends PIB’s offering in Spain to cargo, marine hull and liability.

“We have also intensified our efforts in growing our presence in the Iberian Peninsula and we will have more announcements in the forthcoming months as we build our international expansion strategy.”