Coverforce’s business operations will be moved into other Steadfast companies, in a major shake-up following the acquisition of the broking group four years ago.

GSA has acquired Coverforce Insurance Brokers, Community Broker Network (CBN) is taking over Coverforce Partners, and BCB Group will integrate the strata portfolio into its business.

GSA, which is majority owned by Steadfast, says the deal increases its team to more than 120 staff, managing more than $500 million in gross written premium. It says it provides greater expertise and capability, significantly expands its Victorian presence, and grows its reach in Sydney and Brisbane.

“This expansion ... opens new pathways for our team to lead and thrive,” CEO James Telford said. “We’re all in on delivering even better outcomes for clients.”

CBN says the move brings together “complementary and values-driven businesses”, and combines resources, expertise and technology.

“We believe this next chapter will bring tremendous opportunities for our people, brokers and clients alike, and we look forward to building on the legacy of Coverforce together,” CEO Richard Crawford said.

The transactions are expected to be completed in coming months.

BCB Group says bringing in the Coverforce portfolio sharpens its strata focus.

“Our clients will see immediate benefits in service quality, product depth and greater geographical support,” MD Alistair Gibney said.

“This strategic alignment of expertise will empower us to deliver smarter, more scalable strata insurance solutions."

BCB says the Coverforce brand will be retained as the transition for staff and clients proceeds.

Steadfast acquired network member Coverforce for $411.5 million in 2021, gaining one of Australia’s largest privately owned insurance brokers.