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PIB Group, a personal equity-backed insurance coverage dealer, has expanded its European presence by buying Romanian firm STEIN Bestasig Insurance coverage Dealer for an undisclosed sum.
This acquisition, which marks PIB’s foray into Romania, is in keeping with the corporate’s dedication to geographic diversification and its technique to construct a number one pan-European insurance coverage distribution enterprise.
STEIN Bestasig brings almost twenty years of expertise in serving a company shopper base, with a give attention to managing complicated dangers.
The corporate focuses on hearth and property insurance coverage, alongside a broad product portfolio that features pure disasters, well being, automobiles and normal civil liabilities.
Dante Stein, managing director of STEIN Bestasig, together with the prevailing administration workforce, will retain management of the enterprise following the acquisition.
The mixing into PIB is predicted to offer STEIN Bestasig with entry to a wider vary of services and products.
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Moreover, the partnership goals to strengthen the corporate’s negotiating place and foster innovation by means of connections with different brokers inside PIB.
Stein, alongside his brother Ricky, enterprise accomplice Grigore Stefanache and PIB, will actively discover additional M&A alternatives throughout the Romanian market.
The purpose is to draw not less than 20 extra native brokers by means of M&A actions, positioning PIB as a major participant in Romania and southern Europe.
PIB Group Europe CEO Onno Janssen stated: “This partnership marks the beginning of PIB’s enlargement in south-east Europe, a area that provides nice potential for our development. Attending to know Dante and all the workforce has been a pleasure. Their exceptional shopper retention fee and constant efficiency communicate volumes in regards to the high quality of their services and products.”
PIB’s worldwide footprint already spans a number of European international locations, together with the Channel Islands, Denmark, Germany, Eire, Italy, the Netherlands, Poland, Spain and the UK, with further acquisitions within the pipeline.
Final month, studies emerged that Apax Companions, a stakeholder in PIB, is contemplating varied choices for the corporate, together with a sale.
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