Steadfast has denied rumours circulating in the London market that it is planning to buy the Australian and New Zealand operations of underwriting agency Dual.

“I can categorically deny the rumours,” Steadfast MD Robert Kelly told insuranceNEWS.com.au. “We have no intention of buying the Dual assets.”

Dual in Australia and New Zealand is owned by London-based insurer Hyperion, whose subsidiary group Dual International has 36 offices in 17 countries.

The company claims to be the world’s largest insurance underwriting agency and Lloyd’s largest international coverholder.