Steadfast has bought a majority stake in building and construction underwriting agency Mecon Winsure.

The price was not announced but Steadfast says the final figure will be determined on the company’s performance for the year to June 30 2015.

Mecon and Winsure merged in 2012. Steadfast is buying 76% of Mecon and 100% of the Winsure business. Hollard will continue to own a share of Mecon.

Steadfast CEO Robert Kelly says the acquisition will be earnings per share-accretive within the first year of ownership. “We are pleased to add another high-quality niche business to Steadfast Underwriting Agencies,” he said.

Mecon has worked with Steadfast since 2009. Mecon Winsure CEO Glenn Ross says he looks forward to having the strength of the Steadfast network behind the company.