Steadfast has completed its acquisition of Insurance Brands Australia (IBA), giving the broking group ownership of the intermediary business with $438 million in annual gross written premium.

IBA is the parent company of independent Melbourne-based brokerage Insurance House and also owns other key intermediaries including underwriting agencies ProRisk and Armada Underwriting.

Steadfast closed the deal on Tuesday, after announcing last week it had an agreement to buy IBA for $301 million. The business will pay an initial $276 million for IBA comprising of both cash and Steadfast scrip, with the remaining $25 million subject to meeting performance criteria this financial year.

The IBA acquisition is Steadfast’s largest since it forked out $411.5 million for Coverforce about a year ago.