Ibex Insurance Service Ltd, the leading provider of insurance products to expatriates living in the Iberian Peninsula, has acquired the portfolio of clients of Lloyd & Whyte International Ltd.
This acquisition further expands Ibex’s retail brokerage division, adding four more offices to its already established network.
Founded in Gibraltar in 2000, Ibex have grown from a handful of staff to now having more than 75 employees in various offices in Gibraltar, Spain and Portugal.
“This acquisition is of strategic importance to Ibex and gives us a strong foothold in the Portuguese marketplace, where we sell not only to the expatriate market but also to the local domestic Portuguese market,” said Richard Hill, Managing Director of Ibex. “Having a physical presence in the country has been on the cards for some time.”
He added: “Everyone at Ibex is really excited to welcome the Lloyd & Whyte operation and staff to their business. We have worked together for a number of years so this should be an easy integration especially as we firmly believe in the solid business they have built up over the years”.
The existing Lloyd & Whyte offices will form part of Ibex’s branch operations in Spain and Portugal and the acquisition is already effective, while the staff and management from Lloyd & Whyte will continue to work from their current offices under the Ibex name.
Ibex promotes general insurance products including motor, household, travel, marine, pet and medical through their network of 200 intermediaries and the internet.