PIB Group, a private equity-backed insurance broker, has expanded its European presence by acquiring Romanian company STEIN Bestasig Insurance Broker for an undisclosed sum.
This acquisition, which marks PIB’s foray into Romania, is in line with the company’s commitment to geographic diversification and its strategy to build a leading pan-European insurance distribution business.
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STEIN Bestasig brings nearly two decades of experience in serving a corporate client base, with a focus on managing complex risks.
The company focuses on fire and property insurance, alongside a broad product portfolio that includes natural disasters, health, vehicles and general civil liabilities.
Dante Stein, managing director of STEIN Bestasig, along with the existing management team, will retain leadership of the business following the acquisition.
The integration into PIB is expected to provide STEIN Bestasig with access to a wider range of products and services.
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By GlobalDataAdditionally, the partnership aims to strengthen the company’s negotiating position and foster innovation through connections with other brokers within PIB.
Stein, alongside his brother Ricky, business partner Grigore Stefanache and PIB, will actively explore further M&A opportunities within the Romanian market.
The goal is to attract at least 20 more local brokers through M&A activities, positioning PIB as a significant player in Romania and southern Europe.
PIB Group Europe CEO Onno Janssen said: “This partnership marks the start of PIB’s expansion in south-east Europe, a region that offers great potential for our growth. Getting to know Dante and the entire team has been a pleasure. Their remarkable client retention rate and consistent performance speak volumes about the quality of their products and services.”
PIB’s international footprint already spans several European countries, including the Channel Islands, Denmark, Germany, Ireland, Italy, the Netherlands, Poland, Spain and the UK, with additional acquisitions in the pipeline.
Last month, reports emerged that Apax Partners, a stakeholder in PIB, is considering various options for the company, including a sale.
