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Steadfast to acquire insurance giant Coverforce
KWM has advised Steadfast on a $220 million capital raising as part of the network’s acquisition of insurance broker Coverforce.
Lauren Croft
Firm: King & Wood Mallesons (Steadfast).
Value: $411 million.
Area: M&A.
Key players: KWM was led by partners Jonathan Grant and Paul Schroder, with special counsel Mandy Tsang, senior associates Tom Harrison and Astrid Sugden and solicitors Jing Wang and Piero Craney.
Deal significance: Steadfast is the largest general insurance broking network and the largest underwriting agency group in Australia and has acquired 100 per cent of Coverforce, previously a privately owned insurance broker.
The capital raising was an institutional placement and share purchase plan and will see Steadfast focus on growth strategy in the SME sector, delivering the broker scale, product and client diversification. Coverforce will remain intact and retain its brand identity within Steadfast.
Commenting on the deal, Mr Grant said: “We have had the pleasure of supporting Steadfast for many years, and it’s great to see our long-standing clients continue to trust us with their most important and strategic projects – congratulations to Steadfast on this significant transaction, which received strong investor demand.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
