Steadfast has completed the $411.5 million acquisition of Coverforce after announcing the deal at the start of last week and concluding an institutional share placement.

The brokerage raised $200 million through issuing about 44.3 million new shares priced at $4.51 per share as part of the funding for the acquisition. The new shares were issued on Friday.

“We are extremely pleased with the level of interest shown in the institutional placement and we thank our existing shareholders for their continued support and we also welcome a number of new institutional investors onto our share register,” CEO Robert Kelly said.

The institutional placement was significantly oversubscribed and priced at a premium to the underwritten floor price.

Steadfast is also providing eligible shareholders the opportunity to buy equity under a share purchase plan offer that will close on September 13.

Coverforce has been Australia’s largest unlisted insurance broker and has operations including a wholly owned broking business, a partnership business model, group income protection and an underwriting agency specialising in professional risks and general liability.

The acquired firm’s gross written premium was estimated at $530 million for the past financial year.