What does the deal mean for the broker network?
For Australia’s insurance broking community, the structural details of the proposed transaction are of paramount importance. Under the terms outlined in the ASX announcement, the consortium intends to break up the giant company founded by Robert Kelly (pictured), who has led the firm for three decades. Dragoneer will take ownership of Steadfast’s retail brokerage business – the vast network of member brokers that collectively underwrite $25 billion in gross written premiums annually in Australia, New Zealand, Singapore and the US – while Amwins will acquire Steadfast’s underwriting agency business, which provides specialist insurance products in specific market segments.