Steadfast Group Limited today announced that it has acquired 60% of the share capital of Protecsure Pty Limited (‘Protecsure’), a non-aligned underwriting agency.
Mr Robert Kelly, Managing Director & CEO of Steadfast, said: “We welcome this opportunity to invest in a specialist business that complements our underwriting agency operations and provides cross selling opportunities within the Steadfast Network. The Protecsure acquisition is in keeping with our strategy for building on our underwriting agencies with a focus on specialist products. We are particularly impressed with Protecsure’s internally developed fully automated underwriting systems which create tremendous time and cost savings.”
Protectsure is a underwriter specialising in marine cargo and liability but are perhaps best known for their cover of laptops photographic and electronic equipment. They formed in 1990. They are an agent for Chubb, AIG Australia Limited and W.R. Berkley Insurance (Europe), Limited incorporating W.R. Berkley Insurance Australia.
Steadfast, established in 1996, is a provider of services to a network of approximately 280 insurance broker businesses across Australia and New Zealand. It operates as both a broker network and a consolidator through its equity interests in a number of independently managed insurance broker businesses. Steadfast also has equity interests in underwriting agencies and other complementary businesses and a 50% interest in Macquarie Premium Funding.
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