Steadfast Group has acquired 72.3% of Brisbane-based Ausure Insurance Brokers.

Ausure, a national authorised representative network of 150 independent branches and 336 brokers, was founded in 1996. It has been a member of the Steadfast network since early 2012.

Steadfast CEO Robert Kelly says the acquisition, for an undisclosed sum, will help his network attract smaller brokers.

In an email to Ausure staff, MD Troy Brown says the decision to sell was “made by the management” after an approach from Steadfast and the deal was dependent on Hollard Insurance agreeing to sell its stake.

“Hollard was not an active or willing seller of its stake, however… it agreed to step aside to let the deal take place,” Mr Brown said. “This is an act that I rarely see in business at this level and we thank it for its support over the years.”

The size of the Hollard stake sold to Steadfast is unclear.

At the time of writing insuranceNEWS.com.au has been unsuccessful in attempts to speak to Steadfast, Ausure or Hollard representatives.

Ausure grew from 90 to 150 branches when it acquired Newcastle-based AFM Insurance Brokers in November 2012.

Mr Brown says the new ownership will “accelerate our growth”.

Steadfast listed on the Australian Securities Exchange in August last year. It has completed several acquisitions since then, including New Zealand-based Allied Insurance Group last month.