Steadfast could have an active M&A year in 2018, their leader has said.
Robert Kelly, managing director and CEO of Steadfast, said that the firm could have a busy 2018 as it looks for further growth.
“2018 is potentially an active year for us in acquisitions,” Kelly told Insurance Business.
Steadfast wrapped up the purchase of the Whitbread Insurance Group, which includes
Axis Underwriting, earlier this week for $95m.
“We have 10 in our M&A team working on this [Whitbread] project. “This project is finished … and I can tell you they are very active.”
The firm has made close to 100 acquisitions since its stock market debut in 2013.
“We look at everything,” Kelly said. “The reality is we look at opportunities as they come up and at the moment. There are not any opportunities coming up on the underwriting agencies side.”
Kelly said that the underwriting agencies side of the business, which currently boasts 25 products with sales made via the agencies just shy of $900m, is in a good place as Steadfast will not go “out chasing other underwriting agencies.”
“But as opportunities come we will look, and we are very happy to acquire.”
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