Steadfast Underwriting Agencies has acquired a majority stake in specialist underwriting agency Heavy Motor Insurance Australia (HMIA).

The change in ownership structure was announced in an update to HMIA broker partners.

“The team at HMIA… looks forward to further cementing its position in the heavy motor insurance industry by continuing to provide the high level of support and service its broker market has experienced to date,” CEO Michael Zaknic says in the update.

Mr Zaknic will continue to run the company.

Steadfast CEO Robert Kelly sees huge potential in the tie-up.

“While we already provide access to commercial and heavy motor insurance, HMIA is an important niche player and has expertise in risk management and underwriting protocols,” he said.