Steadfast gross written premium placed is set for a major boost after all Insurance Brokers Network Australia (IBNA) shareholders accepted the group’s takeover offer.

The company will issue shares to the accepting IBNA brokers by October 14 following the closure of the all-scrip offer early last week.

Steadfast CEO Robert Kelly recently described IBNA as “an outstanding Australian general insurance broker network”, with 79 brokers placing $1.25 billion GWP annually.

“We look forward to welcoming these brokerages to our network as we continue to grow our presence as the largest general insurance broker network in Australasia,” he said in the annual report.

In July Steadfast estimated the bid could cost $69 million, based on 100% acceptance, an issuing share price of $3.28, and the preliminary estimation of professional service fees.

At June 30 the Steadfast Network had 398 broker businesses and its brokers and underwriting agencies generated more than $7.2 billion gross written premium last financial year.

The IBNA move to Steadfast follows the ending of the 12-year AIMS joint venture with AUB’s Austbrokers.