Steadfast Group, an Australian insurance broker, has announced the acquisition of a majority stake in Novum Underwriting Partners LLC, an US-based specialty managing general agency (MGA) and wholesale brokerage.
This platform integrates a marketplace, submission and underwriting functions that enable quoting, servicing and renewals, as well as policy management for agents and distribution partners.
Novum will serve as Steadfast’s program development and management platform in the United States, offering specialist managing general agency and wholesale solutions to its US agent network, ISU Steadfast, and the broader US market.
Speaking on the acquisition, Steadfast Founder, Managing Director and CEO, Robert Kelly AM said: “We have been exploring options to accelerate our growth in the US market and offer greater value to our ISU Steadfast network members and their clients. Novum will significantly expand our product and technology capabilities and provide a long runway of additional growth opportunities.”
Novum will support Steadfast’s expansion of certain underwriting agencies into the US market. Additionally, Novum will facilitate broker access to wholesale placement via HWS Speciality, its wholly-owned Lloyd’s broker based in London.
“It’s an exciting step forward in growing our international footprint and commitment to delivering trusted solutions globally”, Kelly said.
Christopher Longo, Novum’s founder and CEO, will continue to lead the company, and management will continue to own equity in the company to promote alignment and future value creation.
About the Author
