Steadfast Group has acquired a London headquartered insurance business with more than 75 staff located in the UK, France and Greece. In an ASX announcement this morning, the giant brokerage and underwriting agency network announced the acquisition of H.W. Wood and HWI France for £23.5 million (NZ$51 million).
“We have been investigating options to expand further into the London market to substantially increase our ability to support our network brokers and agencies in Australasia, UnisonSteadfast and in the U.S.,” said CEO Robert Kelly (pictured above).
Kelly said this will also provide “a runway of additional international growth opportunities.”
The announcement said the London firm provides wholesale, retail and reinsurance offerings to clients across international marine and cargo, property, fine art and specie and other coverage areas.
Steve Rudduck, the current managing director of H. W. Wood, will continue to lead the business. Steadfast’s placement team that services hard-to-place risks in London that come from its Australasia brokers, “will integrate into the new entity.”
“The expanded scale of our London presence will also support the management of our binders in London which will all be brought in-house over the next two years,” said the announcement.
The announcement also said Steadfast has now completed half of its FY25 A$300 million acquisition guidance assumption.
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