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), can be funded by way of Steadfast’s free money circulate and present company debt services.
H.W. Wooden, an impartial insurance coverage dealer since 1982 and a Lloyd’s dealer since 2003, employs greater than 75 employees throughout the UK, France and Greece. The corporate specialises in worldwide marine and cargo, advantageous 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 steer the corporate post-acquisition.
The Steadfast Placements workforce, which assists community brokers of Steadfast in Australasia with advanced dangers in London, will be part of the brand new entity, enhancing service choices with H.W. Wooden’s market presence and relationships.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
helpful
determination for your corporation, so we provide a free pattern which you can obtain by
submitting the beneath kind
By GlobalData
This transfer will even allow Steadfast to broaden its placements and wholesale broking providers to the ISU community within the US and enhance 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 mentioned: “We’ve got been investigating choices to broaden additional into the London market to considerably enhance our capability to help 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 Certain Insurance coverage.
