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UK's Stackhouse Poland buys Property Insurance Initiatives

British insurance broker Stackhouse Poland Ltd. has acquired commercial real estate broker Property Insurance Initiatives Ltd., or Pii.

Pii, also based in the U.K., specializes in property risk, covering property owners, terrorism, construction risks, legal indemnity policies, and warranty and indemnity insurance.

Stackhouse Poland Chairman Jeremy Cary said in a statement that he expects the merger to help his company increase its penetration in the real estate sector.

Terms of the deal were not disclosed in a Dec. 11. statement announcing the transaction.