Steadfast Group acquires Australian insurance broker Coverforce for $293m


Australian insurance broking network Steadfast Group has wrapped up the previously announced AUD 411.5 million ($293.62 million) acquisition of Coverforce Holdco.

Coverforce is an Australian insurance broker, which is focused mainly on the SME sector.

Established in 1994, Coverforce is made up of four business divisions — insurance broking, Coverforce Partners, group income protection, and Quanta.

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Coverforce Partners is engaged in acquiring a minority stake in small to medium sized insurance brokers and offers services to them.

Coverforce’s group income protection is a provider of group income protection insurance, which is included within Enterprise Bargaining Agreements in Australia.

Steadfast Group acquires Australian insurance broker Coverforce for $293m

Steadfast Group acquires Australian insurance broker Coverforce for $293m. Photo courtesy of Free-Photos from Pixabay.

Quanta, on the other hand, is a specialist underwriting agency.

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At the time of announcing the deal earlier this week, Robert Kelly — Managing Director & CEO of Steadfast Group, said: “The merger of Coverforce into Steadfast represents a unique opportunity to further strengthen Steadfast as the largest general insurance broker network and largest group of insurance underwriting agencies in Australasia.

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“The combination of both businesses is highly complementary with exceptional strategic and cultural alignment. Coverforce is an established insurance broker that has consistently delivered double-digit revenue growth rates, excellent operating efficiencies and consistent market leading margins.”

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