IBNA’s brokers to move to Steadfast

June 27 2019 by InsuranceAsia News Staff

It has been agreed that the brokers which are members of the Insurance Brokers Network of Australia, part of a joint venture with Austbrokers, will move across to Steadfast’s network.

The move was announced by Steadfast, which is listed, to the Australian Stock Exchange on June 25.

IBNA has more than 90 independent brokers which a combined annual gross written premium of around A$1.4 billion (US$978 million); under the arrangement IBNA members will move across individually.

Steadfast has 380 brokers in Australia and New Zealand and a growing network in Asia and Europe.

The completion of the agreement is subject to further due diligence, agreement on structuring issues and  regulatory approvals.

The initial purchase price is estimated at around A$76 million (US$53 million) with members potentially receiving a certain amount of Steadfast shares.

The move was announced by Steadfast to the Australian Stock Exchange on June 25 and Steadfast’s shares climbed 2.7% on the day.

The deal was overseen by Steadfast’s long serving chief executive Robert Kelly.

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