Steadfast’s acquisition of a majority stake in unisonSteadfast will pave the way for initiatives to put the global network of independent brokers in a stronger position, CEO Robert Kelly says.

The Sydney-based group said last week it had boosted its holding in the network to 60% from 40%, after acquiring a minority interest in 2017 when the business was known as unisonBrokers.

“The focal point of the future strategy will be making unisonSteadfast stronger and putting it into a position to grow into the future,” Mr Kelly said.

“We will start this by rolling out our risk management tools worldwide, our London market opportunities, and ultimately our bespoke software solutions.”

Following the transaction Joerg Hofmann, representing German brokerage AdVertum AG Versicherungsmakler, has resigned as Chairman but will have a minority shareholding of 0.5%.

Former Munich Re Australia MD Heinrich Eder will become the new Chairman of the Supervisory Board with Mr Kelly as Deputy Chairman.

Wolfgang Mercier, who founded the Hamburg-based business in 2005, has also sold down some of his shareholding but will continue as CEO.

Mr Mercier says the deal will allow member brokers to have full access to the expertise and resources of Steadfast internationally and in local markets.

“The current development in the international insurance market marked by massive consolidation, high demands on digitalisation, significant price changes and low capacities call for a strong a professional position for mid-sized insurance brokers,” he said.