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Clifford Chance Advises PIB Group on Entering Romanian Insurance Brokerage Market Through Stein Bestasig

Clifford Chance Advises PIB Group on Entering Romanian Insurance Brokerage Market Through Stein Bestasig

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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.

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Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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