Clifford Chance Badea has advised the PIB Group on its acquisition of the Stein Bestasig Insurance Broker in Romania.
The PIB Group is a UK-based diversified specialist insurance intermediary, with backing from private equity firms Apax Funds and the Carlyle Group. The transaction marks the PIB Group's debut on the Romanian insurance market.
Stein Bestasig is an independent insurance broker with 18 years of experience, specializes in insurance for commercial clients, and boasts a 96.2% repeat business rate.
According to Clifford Chance, the transaction is part of PIB Group's strategy to expand on the South-East European market, including by building a strong presence in Romania, through an acquisition plan targeting approximately 20 local insurance brokerage companies.
"I'm thrilled to welcome Stein Bestasig, a major player in the Romanian insurance brokerage sector, to PIB Group," PIB Group Europe CEO Onno Janssen commented. "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 Stein] 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. I look forward to supporting everyone at Stein Bestasig as they continue to build their path to success."
The Clifford Chance team was led by Partner Nadia Badea and included Counsel Loredana Ralea, Of Counsel Eleonora Udroiu, Senior Associate Ecaterina Burlacu, and Lawyers Maria Ciulica and Filip Marinau.
Clifford Chance did not respond to our inquiry on the matter.