PIB Group entered Romania through the acquisition of STEIN Bestasig Insurance Broker

PIB Group Ltd, an insurance brokerage company headquartered in UK, entered the Romanian market through the acquisition of STEIN Bestasig, a local player in the insurance brokerage sector for corporate clients.

The transaction was signed in April 2023 and concluded in April 2024, following approvals received from the Competition Council, from the Commission for Screening of Foreign Direct Investments within the Romanian Government, as well as from the Financial Supervisory Authority.

Deloitte Romania assisted PIB Group Ltd in the takeover.

“We were very happy to cooperate on this transaction with Deloitte Romania. They provided us with strong support in financial, tax and IT due diligence on this deal. Working with Radu, Sorin and their team was a pleasure, and their professionalism and experience helped us much on this first transaction of PIB Group in Romania. We are looking forward to further expansion in Romania and SEE,” stated Michał Kowalczyk, M&A Manager, PIB Group.

“This transaction proves that Romania continues to represent an attractive investment destination for important players on the continent. On the other hand, we are excited to contribute to the success of our client’s extensive development plan. PIB Group has been very active in the M&A field, with acquisitions in countries such as Spain, Italy or Poland already announced in 2024, and now, their high interest in Romanian players has materialized through this first transaction,” said Radu Dumitrescu, Financial Advisory Partner-in-Charge, Deloitte Romania.

PIB Group was established in 2015 with the aim to provide insurance solutions inside and outside the UK market. Since then, the group has grown both organically and through almost 100 acquisitions across Western Europe and Poland. At this stage, the group focuses on increasing geographic diversity by also expanding in Southern Europe, with the objective to become a leading pan-European insurance distribution business.

STEIN Bestasig has almost 20 years of experience on the market and specializes in fire and property insurance. Their product portfolio also includes natural disasters, health, vehicles and other general civil liabilities.