Steadfast-owned businesses Mecon Insurance and Underwriting Agencies of Australia (UAA) have merged to form a combined mobile plant, equipment and construction insurance group.

“The timing is right for UAA and Mecon to come together to become a single powerhouse in the mobile plant and equipment and construction insurance industry,” Steadfast MD and CEO Robert Kelly said in a statement today.

“The combination of these two highly specialised agencies is a natural alignment with their complementary strengths and skills to further grow in the Australian and New Zealand insurance markets.

“Furthermore, this merger will enhance UAA’s capability and experience to continue offering their clients the scale and scope they’ve come to expect.”

Mecon CEO Glenn Ross will report to UAA CEO Michael Murphy and the two brands will remain the same post-merger.

Mecon, a wholly-owned Steadfast subsidiary, specialises in construction insurance and issues policies in Australia and New Zealand under a binding agreement with AIG.

UAA, majority-owned by Steadfast, is a specialist in mobile plant and equipment insurance and is underwritten by QBE.