Steadfast Group, the largest general insurance broker network and underwriting agency group in Australasia, has announced its acquisition of ISU Group.
ISU is one of the largest agency networks in the US, with around 220 members across 40 states, with partnerships with over 75 insurance carriers and wholesalers.
Commenting on the acquisition, Robert Kelly, Steadfast group founder, managing director and CEO, said: “We have been investigating options to expand in the US over the last five years, with a more concerted effort over the last 18 months. We wanted to enter a long-term strategic partnership with an existing US independent agent network to create distribution and a platform to implement our service offering.
“I’m incredibly excited that our journey into the US has started with ISU. ISU is an excellent fit for us. They bring a stellar management team and existing scale and we share complementary values with our people and clients. This was an essential consideration for us.
“Expansion into the US market will provide Steadfast with a compelling runway of opportunities to maximise growth and deliver our strategy and unique business model to the world’s largest insurance market.”
TJ Ryan, CEO of ISU Group, added: “This is an exciting new chapter in ISU’s history. We have taken a long-term view of ISU’s future and are highly confident this partnership with Steadfast will provide ISU’s independent agents with an even greater competitive edge in an ever-changing market.”
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