Steadfast has acquired Lloyd’s broker HW Wood for £23.5 million ($46 million), the Australian listed intermediary group announced this morning.

The purchase gives Steadfast full ownership of the London-headquartered broker, including its operations in France and Greece. The deal is expected to complete on December 2, subject to regulatory and commercial terms clearance.

HW Wood, a Lloyd’s broker since 2003, provides wholesale, retail and reinsurance solutions to clients across international marine and cargo, property, fine art and specie, and other areas, supported by more than 75 employees.

“We have been investigating options to expand further into the London market to substantially increase our ability to support our network brokers and agencies in Australasia, UnisonSteadfast and in the US, and provide a runway of additional international growth opportunities,” Steadfast MD and CEO Robert Kelly said.

The Steadfast Placements team – which serves network brokers in Australasia with hard-to-place or complex risks in London – will integrate into the acquired business.

“The acquisition will bolster this service offering for our networks with HW Wood’s enhanced presence and strong relationships in the London market,” Steadfast said. 

“It will also provide Steadfast with a platform to expand Steadfast Placements and the wholesale broking offering to service the ISU Steadfast network in the US, and further expand our servicing of inbound business from the global UnisonSteadfast network.”

Steadfast says its expanded UK presence will also support the management of its binders in London, which will be brought in-house over the next two years.

“Rather than outsource this function to a third party, this will reduce expenses and further enhance revenue for the group.”

HW Wood MD Steve Rudduck will continue to oversee the business.