National broking cluster Steadfast has bought a 10% stake in Global Underwriters in a bid to offer its members more choices when obtaining harder to place risks. Steadfast Chairman Robert Kelly told Sunrise Exchange News he will take up a position as a director of the group as part of the deal.

“When Global’s former MD [Tony Thrift] retired, we had knowledge of the move and approached the group with a deal,” he said. “We realised that such a move could place Steadfast members in a strategic position to have access to cover outside the realm of what our other partners could provide.”

Mr Kelly says Steadfast is developing a new range of products for difficult to place risks, including PI and SME business. He says the products should be available to members in about six months.

“This will allow members to have a closer relationship with Global than perhaps they would have had independently,” he said.

Mr Kelly won’t disclose the purchase price for the 10% share until Steadfast’s June 30 accounts are released. “I believe it was a fair price in line with Global’s performance,” he said.