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