Cleveland-based Novum Underwriting Partners, a managing general agent and wholesale brokerage, has become part of Steadfast Group’s network after the Australian insurance giant confirmed a majority stake acquisition. The financial terms remain undisclosed.
Steadfast outlined the deal in its latest earnings statement, framing it as a move to expand North American market capabilities for its ISU Steadfast network, existing Australian underwriting agencies, and HWS Specialty in London.
Robert Kelly, Steadfast’s CEO, told analysts that Novum’s scale made the transaction attractive. He noted that 25% of Novum’s 8,000 agents placed more than $100 mn in premiums on the platform last year.
We needed a platform. We could have built one from scratch in North America, but this gives us a structured and straightforward entry point. Now we can bring our MGAs into the U.S. market in an orderly way.
Steadfast describes itself as the largest general insurance broker network in Australasia, with underwriting agencies spanning 30 specialties and more than 24 product lines, from accident and health to strata.
The company also operates in life and reinsurance, while expanding in Asia and Europe.
Novum positions itself as a digital-forward MGA, aiming to bridge online agents with traditional wholesalers. Its coverage lines include workers compensation, business owners policy, commercial property, general liability, and commercial auto.
