Steadfast says all Insurance Brokers Network Australia (IBNA) shareholders have accepted its takeover offer, paving the way for a significant boost to its operations.

“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,” Steadfast CEO Robert Kelly said in the company’s annual report.

“IBNA is an outstanding Australian general insurance broker network with 79 brokers placing $1.25 billion of GWP annually.” 

The all-scrip offer closed last Monday night and the new Steadfast shares will be issued to the accepting brokers by October 14.

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.