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Network Insurance MD sells to Steadfast

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Network Insurance Group MD Cameron Bott has sold his share of the business to Steadfast, following 15 years’ involvement with the hub.

Mr Bott took an equity position in GWS Insurance Brokers in 2004 before it acquired Network Insurance Brokers in 2010 to form GWS Network.

It participated in Steadfast’s listing in 2013, with Steadfast taking equity, and that year became Steadfast’s Victorian hub.

In 2014 it rebranded as Network Insurance Group and acquired a number of other brokerages.

Mr Bott told insuranceNEWS.com.au his partnership with Steadfast has been “incredibly strong”.

“The business was performing at an optimum level, but I had achieved all I set out to achieve,” he said.

Mr Bott says he has received “a number of approaches” for his services, but will take some time off before considering them.

Former QBE executives Adam Farr and Andrew Broughton have purchased Mr Bott’s former shareholding.

Mr Farr was previously QBE’s GM people risk, while Mr Broughton was EGM consumer and retail partnerships.

Steadfast declined to comment on the developments.