Gallagher Re to enhance APAC footprint with acquisition of Steadfast Re

Global reinsurance broker Gallagher Re has further invested in the Asia Pacific region by agreeing to acquire Sydney, Australia-based reinsurance broking firm Steadfast Re Pty Limited.

Terms of the deal, which is expected to close in the final quarter of this year, were not disclosed.

The acquisition is a reflection of Gallagher Re’s commitment to and investment in the APAC region, acquiring a reinsurance broker which has expertise in treaty and facultative reinsurance, as well as insurance-linked securities (ILS) and collateralised reinsurance.

Steadfast Re, part of the Steadfast Group, was launched in August 2014 as a joint venture between the Steadfast Group Ltd, current CEO Simon Cloney, and the ex-Management team of Beach and Associates Sydney Office.

Mark O’Brien, Managing Director of APAC at Gallagher Re, commented: “This strategic move will enhance our ability to support a range of clients, including MGAs and mutuals, and gives our local team a level of strength and increased scale.”

Heather Bone, CEO of Gallagher Re Australia, added: “The Steadfast Re team has a strong cultural alignment to our team—which is critical.”