Steadfast acquires Australia’s largest AR network
Steadfast has announced the acquisition of IAG-owned authorised representative (AR) group Community Broker Network (CBN) for an undisclosed sum.
CBN was launched last year following IAG’s acquisition of former Perth-based Westcourt General Insurance Brokers in July 2016. Westcourt was merged with IAG’s National Adviser Services (NAS) and rebranded as CBN under the leadership of MD Paul Ayton.
Mr Ayton will leave the business with immediate effect, with CBN’s GM Distribution Richard Crawford stepping up as CEO.
CBN, which was already a Steadfast member, has 367 ARs placing about $418 million in premium on behalf of 135,000 SME clients.
“While CBN worked autonomously as part of IAG, a more natural home is within a broker network such as Steadfast,” Steadfast MD and CEO Robert Kelly said today.
He says the acquisition will enable CBN to strengthen while “accelerating efficiencies”.
Meanwhile, Steadfast has also acquired 50% of Sydney-based strata specialist BAC Insurance Brokers, via its subsidiary Whitbread Holdings.
More details in our regular bulletin on Monday.