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 likely be funded by means of Steadfast’s free money movement and present company debt services.
H.W. Wooden, an unbiased 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, positive artwork, property, specie and different insurance coverage sectors.
The anticipated settlement date is 2 December 2024, topic to regulatory and different business phrases.
Steve Rudduck, managing director of H.W. Wooden since 1999, will proceed to guide the corporate post-acquisition.
The Steadfast Placements crew, which assists community brokers of Steadfast in Australasia with complicated dangers in London, will be 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 broaden its placements and wholesale broking companies 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 following 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 means to assist our community brokers and businesses in Australasia, UnisonSteadfast and within the US, and supply a runway of further worldwide progress alternatives.”
Final yr, Steadfast Group secured a deal to accumulate a 70% fairness stake in Mixed Company Group, working as Positive Insurance coverage.
