Steadfast Group buys London broker HW Wood for $46m
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The news: Steadfast Group has bought London-based insurance broker HW Wood and HWI France for £23.5 million ($46.1 million).
The numbers: General insurance broker network Steadfast said it has now completed $150 million, post-settlement of HW Wood, of its $300 million acquisition guidance for FY25.
The context: Sydney-based Steadfast said the acquisition will be funded from its existing corporate debt facilities and free cashflow. The group noted that the acquisition is forecast to be earnings-per-share accretive before synergies.
The deal is expected to settle on 2 December, subject to regulatory and other commercial terms.
HW Wood will continue to be led by its managing director, Steve Rudduck, who joined the business in 1999. Steadfast's placements team, which services Steadfast network brokers in Australasia with hard-to-place or complex risks in London, will integrate into the new entity.
What they said: "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 managing director and chief executive Robert Kelly said.
The source: ASX announcement
