Steadfast is accelerating its global expansion with the acquisition of a majority stake in US specialty underwriting agency and wholesale brokerage Novum Underwriting Partners.

The deal was revealed as Steadfast reported another strong set of results and announced the upcoming retirement of long-serving chairman Frank O’Halloran.

Founded in 2019, Novum is an underwriting agency platform based outside Cleveland, Ohio, underpinned by proprietary technology Novum Online. It is licensed in 48 states and has more than 60 employees.

Steadfast plans to use Novum as a program development and management platform, offering specialist managing general agency and wholesale solutions to members of ISU Steadfast, which was acquired in 2023, and the broader market. 

It will also serve as a platform and marketplace to support the launch of select Steadfast underwriting agencies into the US - with cyber specialist Emergence likely to lead the way - and binder solutions created by HWS Specialty, which Steadfast acquired last year.

Novum is led by founder and CEO Christopher Longo, and management will continue to own equity in the company. 

“We have been exploring options to accelerate our growth in the US market and the acquisition of Novum will significantly expand our product and technology capabilities, allowing us to offer greater value to our ISU Steadfast network members and their clients, and providing a long runway of additional growth opportunities,” Steadfast International CEO Samantha Hollman said.

“It’s an exciting step forward in building out our global operation.”

Steadfast tonight reported full-year net profits increased 17.2% to $295.5 million. Underlying earnings before interest, tax and amortisation rose 11.9% to $591.4 million.

“FY25 continued our year-on-year record strong growth in revenue and profit, making it the 12th consecutive increase since listing in 2013,” MD and CEO Robert Kelly said.

The company also announced chairman Mr O’Halloran will retire at the annual meeting on October 31, having led the board since 2012. Non-executive director Vicki Allen will take over as chair.

insuranceNEWS.com.au will report more details tomorrow.