Gallagher Re has moved to acquire Steadfast’s reinsurance broking joint venture.  

Steadfast Re, led by Simon Cloney, launched in August 2014 as a venture between the listed company and the former management team of Beach & Associates. 

“We are pleased to share that we have signed an agreement to acquire Sydney-based reinsurance brokerage Steadfast Re,” Gallagher Re said on LinkedIn today. 

“This strategic move will enhance our ability to support a range of clients, including [managing general agents] and mutuals, and gives our local team a level of strength and increased scale.” 

Steadfast says the reinsurance brokerage has built a strong reputation and the deal allows it to accelerate growth with the support of Gallagher Re’s international reach and analytics. 

The agreement was executed yesterday, with settlement expected on October 1 when the Steadfast Re brand will become Gallagher Re. 

All existing service agreements will transition to Gallagher Re, ensuring continuity of service and relationships. 

The Steadfast Re website says Mr Cloney has worked at the “convergence of reinsurance and capital markets” since 2002. He was appointed Beach & Associates Australia MD in 2010 and initiated a management buyout in 2014, followed by the Steadfast joint venture. 

“I want to thank everybody at Steadfast. We have had the pleasure of working with some amazing people and we intend to continue these strong relationships at Gallagher Re,” Mr Cloney said. 

The latest Steadfast annual report shows it owned 50% of Steadfast Re.

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