Broker group Steadfast has bought underwriting agency Altiora Insurance Solutions from Brisbane broker and businessman David Ingram.

It has also bought 49% of Mr Ingram’s brokerage Austcover, in which he intends to continue as MD.

The purchases are reliant on the success of the Steadfast initial public offering in a few months.

It is understood the Altiora agency, which specialises in a range of liability, property and business interruption products underwritten by Lloyd’s and local insurers, will be folded into the Miramar underwriting agency.

Steadfast owns 50% of Miramar, and announced in April that it has agreed to purchase the remaining 50% when the public float is held. It bought 80% of Sports Underwriting Agency at the same time.

Mr Ingram told insuranceNEWS.com.au he is “very happy” with the Steadfast deal, and is looking forward to concentrating on broking.

“We were pretty late to the party with Steadfast,” he said. “We only started talking to them in late February, and thanks to [Steadfast CEO] Robert Kelly and his team, the negotiations were a breeze.”