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U.K.-based insurance broker PIB Group Ltd. has acquired Spanish insurance broker Tractio Risk SL, including both its business units – Tractio Risk Correduria de Seguros SL and Tractio Risk Solutions SL, as it looks to expand its foothold in Spain, Verdict reported. Tractio is a specialist broker that caters to maritime, land and air transport sectors and offers tailor-made insurance covers for small and medium-sized enterprises.