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Steadfast takes majority stake in NT broker

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Steadfast Group has made its first equity acquisition in the NT, taking a majority stake in Darwin-based AFA Insurance Brokers, the listed broking network announced in a statement today.

The investment was completed on July 1.

“We are excited to have a majority stake in AFA Insurance Brokers, as this is our first equity business in the [NT] and will be the stepping stone to grow our presence in the NT,” MD and CEO Robert Kelly said.

“AFA Insurance Brokers have been operating for more than 20 years. It gives me great confidence that together, with the team at [AFA Insurance Brokers], we will continue together to succeed in driving the business forward by meeting the needs and exceeding the expectations of [AFA Insurance Brokers] clients.”

Consistent with Steadfast’s equity acquisition strategy, the business says the Darwin broker’s management team of Fernando Di Toro, Riccardo Lelli and Lance Schmidt will maintain a significant shareholding and continue to oversee the day-to-day running of the operations.

Mr Kelly says the trio are “longstanding Territorians [who] are highly respected in the business community as having strong technical expertise and claims experience, coupled with extensive knowledge of the region’s economic environment”.

Mr Lelli says the business is “extremely excited to partner with Steadfast and believes this next stage will provide a significant benefit to growing client base and reach within the [NT]”.

AFA Insurance Brokers was established in 1999, offering a range of general insurance products including commercial, industrial and domestic insurance.