Broker group Steadfast has bought two underwriting agencies and two brokerages as it shapes up for a public float later in the year.

Members were told at a pre-convention meeting in Sydney on Saturday that the group has bought the companies and is also working with small “lifestyle brokerage” members on ways to keep them in the organisation after the float.

Steadfast CEO Robert Kelly told insuranceNEWS.com.au the group has purchased 80% of underwriting agency Sports Underwriting Australia. The agency’s directors will retain the outstanding 20%.

Steadfast has also agreed to terms to acquire the balance of the partially owned Miramar underwriting agency when the float is held.

It has also purchased outright DMA Insurance Brokers, which has offices in Sydney, the NSW Central Coast and Brisbane; and Adelaide-based bloodstock insurance specialist Newmarket Insurance Brokers.

Mr Kelly says smaller brokerages which have failed to “make the cut” for participation in the future float because they fail to meet the earnings cut-off – believed to be around $100,000 – will be assisted wherever possible.

“These are smaller so-called ‘lifestyle brokerages’,” he told insuranceNEWS.com.au. “We will do all we can to help them stay with us.”

Assistance from Steadfast is expected to include organising smaller brokerages into groups “so the owners can continue to operate as they have been but increase their income by sharing their facilities”, he said.

Other small brokerages will be guided into agreements with larger brokerages that can “build and change their business dynamics”.

The Steadfast Convention is being held at the Sydney Convention and Exhibition Centre. Convention Chairman Greg Stewart says registrations to attend the convention and associated exhibition now exceed 2400 – a new record for Steadfast.

The convention began on Sunday and will finish tomorrow night.