Steadfast has bought a 50% interest in Sydney-based strata broking specialist BAC Insurance via its Whitbread subsidiary.

BAC, which started as a family business in 1984, employs more than 40 insurance professionals and insures more than $100 billion in assets.

“We intend to leverage our combined experience to drive integrity, innovation and an improved client experience,” BAC MD Tony Vatner said.

Melbourne-based Whitbread, bought by Steadfast for $95 million last year, specialises in the strata, commercial, personal and life insurance segments.

Mr Vatner says the plan is to integrate the Whitbread NSW strata portfolio into BAC over the coming months. Current clients’ day-to-day dealings with BAC will not change, but the group’s products, services and capabilities will expand, he says.

Steadfast’s broker network has also expanded with specialist BMS Risk Solutions joining. BMS has offices in Melbourne, Sydney, Perth and Brisbane.