Steadfast subsidiary Network Insurance Group (NIG) has reached an agreement to acquire Sydney-based brokerage Global Risks.

Established in 2005, Global Risks specialises in medium to large private and listed organisations in addition to servicing high net worth individuals.

“We are delighted to be partnering with the Global Risks team who proudly service a highly valued segment of the market,” NIG Chief General Manager Adam Farr said.

Headed by Bonni and Leonard Gordon, Global Risks says the acquisition provides it with vital access to international markets.

“Joining NIG will benefit Global Risks’ clients, especially through the current hard market conditions which we expect to persist for some time,” Ms Gordon said.

“As proud members of the Steadfast Group, NIG has access to Steadfast’s majority shareholding in UnionSteadfast, with access to markets and capability in numerous regions around the world.”

Co-Principal Leonard Gordon says his long-time relationship with Mr Farr allowed for a smooth negotiation.

“We have known Adam and [CEO Andrew Broughton] for over 20 years and during this time have always had an excellent relationship built on trust and mutual respect which made for a smooth process,” Mr Gordon said.

“We feel very comfortable that we have joined a company that has high principles and believes in the insurance industry doctrine of utmost good faith, which is extremely important to Global Risks.”

Global Risks says the acquisition will have no impact on the day-to-day interaction with clients.

“Importantly, we will be able to continue to run the business in the same manner as we currently do and will continue to focus on servicing our clients as we have done in the past. For our clients, nothing will change in respect of the day-to-day experience and interaction.”