Calliden has ceased to be a publicly listed company after the Federal Court approved its takeover by Steadfast last week.

Shares were suspended from trade on Friday.

Steadfast MD and CEO Robert Kelly says the acquisition makes Steadfast one of the country’s largest agency groups, with annual gross written premium of more than $335 million.

Steadfast will now sell on Calliden’s general insurance operations and part of its agency operations to Munich Re.

Calliden’s board has been altered, with Richard Hill replaced by Mr Kelly as Chairman.

Maurice Loomes, Jack Lowenstein, John Messenger and Tony Connon also resigned as non-executive directors, to be replaced by Stephen Humphrys and Dana Williams.

Calliden CEO and MD Nick Kirk remains a director.