Steadfast Group has taken a significant step in its global growth strategy, acquiring a majority stake in US-based specialty underwriting agency and wholesale brokerage, Novum Underwriting Partners.
“We have been exploring options to accelerate our growth in the US market and offer greater value to our ISU Steadfast network members and their clients,” said Robert Kelly (main picture), Steadfast’s CEO, in a media release issued from Sydney.
Kelly said Novum will “significantly expand” his firm’s product and technology capabilities and provide “a long runway” of growth opportunities.
Founded in 2019 and headquartered in Ohio, Novum operates on a proprietary technology platform called Novum Online. The platform features a marketplace, submission and underwriting functions and supports quoting, servicing, renewals, and policy management for brokers and distribution partners.
Novum is set to become Steadfast’s program development and management platform in the US, providing specialist managing general agency and wholesale solutions to the company’s US broker network, ISU Steadfast, as well as the wider US market.
Kelly said that Novum will also facilitate the expansion of select Steadfast-owned underwriting agencies into the US market and enhance broker access to wholesale placement through its wholly owned Lloyd’s broker, HWS Speciality, based in London.
“It’s an exciting step forward in growing our international footprint and commitment to delivering trusted solutions globally,” said Kelly.
Novum will continue to be led by its CEO, Christopher Longo.
