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United Insurance Group

Steadfast acquires majority stake in global broker group

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Steadfast has acquired a majority 60% stake in unisonSteadfast, a global network of independent insurance brokers based in Hamburg and Chicago.

The company previously held a 40% holding, after first acquiring a minority interest in 2017 when the business was known as unisonBrokers.

Following the transaction Joerg Hofmann, representing German brokerage AdVertum AG Versicherungsmakler, has resigned as Chairman but will continue to participate with a minority shareholding of 0.5%.

Former Munich Re Australia MD Heinrich Eder will become the new Chairman of the Supervisory Board with Steadfast CEO Robert Kelly as Deputy Chairman.

“The focal point of the future strategy will be making unisonSteadfast stronger and putting it into a position to grow into the future,” Mr Kelly said today.

“We will start this by rolling out our risk management tools worldwide, our London market opportunities and ultimately our bespoke software solutions.”

Wolfgang Mercier, who founded the business in 2005, has also sold down some of his shareholding but will continue to lead the organisation as CEO.

Steadfast will now hold three seats on the board, while German brokerages RVM and NW Assekuranz will continue to hold two seats.

The unisonSteadfast brokerage network is represented in over 140 countries, generating $US30 billion ($39 billion) of gross written premium.