What the deal means for the broker network
For Australia’s insurance broking community, the structural detail of the proposed transaction carries the most significance. 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 would take ownership of Steadfast’s retail brokerage business – the sprawling network of member brokers that collectively places around A$25 billion in gross written premium annually across Australia, New Zealand, Singapore and the US – while Amwins would acquire Steadfast’s underwriting agency business, which provides specialist insurance products across niche market segments.
