Global reinsurance broker Gallagher Re has further invested in the Asia Pacific region by agreeing to acquire Sydney, Australia-based reinsurance broking firm Steadfast Re Pty Limited.
Terms of the deal, which is expected to close in the final quarter of this year, were not disclosed.
The acquisition is a reflection of Gallagher Re’s commitment to and investment in the APAC region, acquiring a reinsurance broker which has expertise in treaty and facultative reinsurance, as well as insurance-linked securities (ILS) and collateralised reinsurance.
Steadfast Re, part of the Steadfast Group, was launched in August 2014 as a joint venture between the Steadfast Group Ltd, current CEO Simon Cloney, and the ex-Management team of Beach and Associates Sydney Office.
Mark O’Brien, Managing Director of APAC at Gallagher Re, commented: “This strategic move will enhance our ability to support a range of clients, including MGAs and mutuals, and gives our local team a level of strength and increased scale.”
Heather Bone, CEO of Gallagher Re Australia, added: “The Steadfast Re team has a strong cultural alignment to our team—which is critical.”
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