SYDNEY: Steadfast Group has announced its acquisition of H.W. Wood Limited and HWI France, expanding its capabilities in the London market.

H.W. Wood, established in 1982 and a Lloyd’s broker since 2003, is a well-known independent insurance broker based in London.

The company provides wholesale, retail, and reinsurance solutions in areas such as international marine and cargo, property, fine art, and specie. Together, the acquired businesses have over 75 staff across the UK, France, and Greece.

The acquisition, valued at £23.5 million, will be funded by Steadfast’s existing corporate debt facilities and free cash flow.

It is expected to increase earnings per share (EPS) from the date of acquisition, before considering synergies. With this deal, Steadfast has now completed around $150 million of its FY25 $300 million acquisition target.

The settlement is expected on December 2, 2024, pending regulatory and other commercial approvals.

Robert Kelly, Managing Director & CEO, stated, “We have been exploring options to expand in the London market to better support our network brokers and agencies in Australasia, UnisonSteadfast, and the U.S., and to provide additional international growth opportunities.”

Steve Rudduck will continue to lead H.W. Wood as Managing Director. The Steadfast Placements team, which handles complex risks for the Australasia network, will integrate into the new entity, enhancing service offerings with H.W. Wood’s strong London market presence.

The acquisition will also provide Steadfast with a platform to expand its placements and wholesale broking services to the ISU Steadfast network in the U.S. and further support inbound business from the global UnisonSteadfast network. The increased scale in London will help manage binders in-house over the next two years, reducing expenses and boosting revenue.

Steadfast Group, established in 1996, operates international general insurance broking and agency networks across Australia, New Zealand, Singapore, and the U.S. Steadfast supports broker and agency network businesses and has equity interests in various broker businesses, underwriting agencies, and other complementary businesses.

It also owns a portfolio of 29 underwriting agencies and holds a 60% stake in UnisonSteadfast, a global general insurance broker referral network with 294 brokers in 110 countries. Steadfast is a licensed Lloyd’s of London broker and ranks 17th in Best’s Review’s Top Global Insurance Brokers ranking.

Steadfast Group buys US insurance agency network ISU Group for $55 million