Steadfast is eyeing further international growth after buying Lloyd’s broker HW Wood for £23.5 million ($46 million).

The Steadfast Placements team – which serves the network’s brokers in Australasia with hard-to-place or complex risks in London – will integrate into the acquired business.

The deal will “bolster this service offering for our networks with HW Wood’s enhanced presence and strong relationships in the London market”, Steadfast says.

“It will also provide Steadfast with a platform to expand Steadfast Placements and the wholesale broking offering to service the ISU Steadfast network in the US, and further expand our servicing of inbound business from the global UnisonSteadfast network.”

London-based HW Wood, a Lloyd’s broker since 2003, provides wholesale, retail and reinsurance solutions to clients across international marine and cargo, property, fine art and specie, and other areas, supported by more than 75 employees. It also has operations in France and Greece.

The deal is expected to complete on December 2, subject to regulatory and commercial terms clearance.

Steadfast says its expanded UK presence will also support the management of its binders in London, which will be brought in-house over the next two years.

“Rather than outsource this function to a third party, this will reduce expenses and further enhance revenue for the group.”

HW Wood MD Steve Rudduck will continue to oversee the business.