Investment firm KKR has joined the consortium of Amwins Group and Dragoneer Investment Group in a non-binding, indicative proposal to acquire Australian insurance broker Steadfast Group.
Steadfast said it entered an exclusivity and process deed with Amwins and Dragoneer on 10 June 2026.
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Under that arrangement, the consortium is pursuing a possible scheme of arrangement to acquire all of Steadfast’s outstanding share capital for A$6 (US$4.17) per share in cash, less any dividends or distributions declared or paid after 5 June 2026.
Under the proposed structure, Dragoneer would assume Steadfast’s retail brokerage operations, while Amwins would acquire the company’s underwriting agency arm.
The proposal implies an enterprise value of approximately A$7.7bn for Steadfast.
According to Steadfast, Amwins and Dragoneer have advised the company that KKR, acting on behalf of funds, vehicles and entities it manages or advises, has joined the consortium as a co-lead investment partner alongside Dragoneer in Steadfast’s retail brokerage business.
Steadfast confirmed that it received KKR’s joinder to the Steadfast Confidentiality Deed on 8 July 2026.
The company said Amwins and Dragoneer have confirmed that KKR’s participation will not alter the transaction timetable and is not a condition to Amwins and Dragoneer entering into a binding Scheme Implementation Deed with Steadfast.
The Steadfast Board said there is no guarantee that a binding agreement will be reached with the consortium and no certainty that the proposal will lead to a transaction.
Steadfast said shareholders do not need to take any action in relation to the proposal at this stage and that it will provide further market updates as appropriate.
The company operates insurance broker and agency networks in Australia, New Zealand, Singapore and the US.
