ISU’s network comprises nearly 220 member agencies across more than 40 US states, with partnerships in place with 75 insurance carriers and wholesalers.
Steadfast is using current corporate debt facilities as well as free cash flow to finance the takeover.
This deal, which is in line with the acquisition strategy of Steadfast, is expected to add to the earnings per share from the date of takeover.
Steadfast Group managing director and CEO Robert Kelly said: “Following numerous discussions and presentations to US intermediaries and insurance carriers, Steadfast has identified significant opportunities to deliver its unique business model to the US insurance market.
“We are excited to do this through our acquisition of ISU, given their cultural alignment with Steadfast, an established and trusted brand and experienced management team.
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“We look forward to working with the ISU team to deliver further value to ISU through implementing, where appropriate, Steadfast business and insurance solutions to support ISU members and their clients.”
A general insurance brokerage service provider, Steadfast offers insurance underwriting services and associated services in Australasian regions. It delivers several business and personal insurance offerings.
In June 2023, Steadfast Group divested its Underwriter Central and Insurance Connect businesses to cloud-based insurance policy management platform JAVLN for an undisclosed sum.