UK-based PIB Group Europa enters Romanian insurance market through Stein Bestasig

Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, announced that it advised PIB Group Europa, backed by global private equity firms Apax Funds and The Carlyle Group, in relation to the acquisition of Stein Bestasig Insurance Broker, which marks the debut of the UK-based company on the Romanian insurance market.

The transaction is part of PIB Group’s strategy to expand in the Southeast European market, including by building a strong presence in Romania through an acquisition plan targeting approximately 20 local insurance brokerage companies, according to the press release.

Carl McMillan, PIB Group General Counsel, said: “Making a successful first acquisition in a new market is critically important, especially in a highly regulated and complex industry like ours.”

The transaction had a significant regulatory and local compliance component, involving a highly complex approval process, Clifford Chance Badea said.

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