Steadfast Group has introduced the entire acquisition of H.W. Wooden and HWI France, increasing its London market capabilities.
The acquisition, valued at £23.5m ($30.53m), will probably be funded by Steadfast’s free money move and current company debt services.
H.W. Wooden, an impartial insurance coverage dealer since 1982 and a Lloyd’s dealer since 2003, employs greater than 75 workers throughout the UK, France and Greece. The corporate specialises in worldwide marine and cargo, tremendous artwork, property, specie and different insurance coverage sectors.
The anticipated settlement date is 2 December 2024, topic to regulatory and different industrial phrases.
Steve Rudduck, managing director of H.W. Wooden since 1999, will proceed to guide the corporate post-acquisition.
The Steadfast Placements workforce, which assists community brokers of Steadfast in Australasia with advanced dangers in London, will be a part of the brand new entity, enhancing service choices with H.W. Wooden’s market presence and relationships.
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This transfer may even allow Steadfast to increase its placements and wholesale broking companies to the ISU community within the US and improve the inbound enterprise servicing from the worldwide UnisonSteadfast community.
The acquisition aligns with Steadfast’s technique to handle binders in London in-house over the subsequent two years, aiming to minimise bills and increase income for the group.
Steadfast Group MD and CEO Robert Kelly stated: “We now have been investigating choices to increase additional into the London market to considerably improve our means to assist our community brokers and businesses in Australasia, UnisonSteadfast and within the US, and supply a runway of extra worldwide progress alternatives.”
Final 12 months, Steadfast Group secured a deal to accumulate a 70% fairness stake in Mixed Company Group, working as Positive Insurance coverage.
