Steadfast broker Scott & Broad/Clark Pacific has acquired the portfolio of its authorised representative, Mark Elphick.

As part of the deal Mr Elphick took on a shareholding, became a director and was appointed GM of the business.

“We have worked with Mark since 2007,” MD Ian Burgess told insuranceNEWS.com.au.

“He wanted to effectively secure his future by taking on an interest in a brokerage, and we saw an opportunity to bring a really great professional into the business.

“It was a very easy fit and a win/win situation.”

Mr Burgess says Steadfast, which owned a 49% stake in the company prior to the deal, had been “great to work with” throughout the process.

All shareholders will see their stake reduced to accommodate Mr Elphick’s holding.