GSA Insurance Brokers, in which Steadfast holds a controlling stake, has acquired the NSW and Victorian businesses of Mega Capital, a professional risk insurance broking firm that is also majority owned by the listed broker network group.

GSA CEO James Telford says the investment is a boost for the business’s expansion plan, giving it an immediate entry into Melbourne where it does not have an office.

He says the acquisition will increase GSA’s overall gross written premium to more than $200 million annually, with the expanded business offering a full suite of broking services across professional and financial lines, general insurance, credit and financial risks, workers’ compensation and claims management.

“It fits nicely in our sweet spot and provides us with a footprint in Melbourne which we don't have at the moment," Mr Telford told insuranceNEWS.com.au today. 

He says the business plans to build on this acquisition to further expand its presence across the major capital cities.

The transaction is expected to be finalised by the end of next month.