Steadfast has bought 60% of Sydney-based underwriter Protecsure.

It is Steadfast’s first acquisition following its float in August. The price was not disclosed but it will be paid from cash resources.

Protecsure expects to report normalised earnings before interest, tax and amortisation of $2.3 million this financial year.

It specialises in general property cover on equipment, public and product liability and a recently introduced suite of marine transit products. Clients include business owners with specialised equipment, tradesmen and school students with laptops.

The owners are MD Tony Mitchell – who spent 16 years with Allianz before joining Protecsure 10 years ago – Mark Osborn and investment company Marshall Investments.

InsuranceNEWS.com.au understands Marshall Investments has sold its shareholding.

Steadfast MD Robert Kelly says he is impressed with Protecsure’s automated underwriting systems, “which create tremendous time and cost savings”.

He says the acquisition will provide cross-selling opportunities in the Steadfast network.