Steadfast has acquired a shareholding in Christchurch-based commercial insurance brokerage Abbott Group.

Abbott GM Mark Reid says the deal, finalised on July 1, signals a high level of investor confidence in his company and will enable broker principals to focus on client servicing and growing the business.

Steadfast has taken a 45% stake, with existing shareholders retaining an interest in the business.

“We know we’ve got a proven business model and the right team to take it forward, and now we have the investment partners to make it happen,” Mr Reid said.

Abbott Group also has offices in Wellington, Nelson and Dunedin.