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PIB Group, a non-public 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 step 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 practically 20 years of expertise in serving a company shopper base, with a concentrate on managing advanced dangers.
The corporate focuses on hearth and property insurance coverage, alongside a broad product portfolio that features pure disasters, well being, automobiles and basic civil liabilities.
Dante Stein, managing director of STEIN Bestasig, together with the prevailing administration staff, will retain management of the enterprise following the acquisition.
The mixing into PIB is predicted to supply 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 connections with different brokers inside PIB.
Stein, alongside his brother Ricky, enterprise companion Grigore Stefanache and PIB, will actively discover additional M&A alternatives throughout the Romanian market.
The purpose is to draw a minimum of 20 extra native brokers by 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 growth in south-east Europe, a area that gives nice potential for our development. Attending to know Dante and your entire staff has been a pleasure. Their outstanding shopper retention charge and constant efficiency communicate volumes concerning the high quality of their services and products.”
PIB’s worldwide footprint already spans a number of European nations, together with the Channel Islands, Denmark, Germany, Eire, Italy, the Netherlands, Poland, Spain and the UK, with further acquisitions within the pipeline.
Final month, reviews emerged that Apax Companions, a stakeholder in PIB, is contemplating varied choices for the corporate, together with a sale.
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