Steadfast says its Community Broker Network, BCB Group and GSA businesses will scale more effectively following the integration of Coverforce operations.

GSA has acquired Coverforce Insurance Brokers, CBN is taking over authorised representative arm Coverforce Partners, and BCB will integrate the strata portfolio into its business.

“The strategic realignment of Coverforce ... is aimed at unlocking greater scale, operational efficiency and enhanced client outcomes across the Australian insurance broking landscape,” a Steadfast spokesperson told insuranceNEWS.com.au.

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

Following the changes announced last week, Coverforce CEO Tony Goldsmith and CFO Jitendra Dutt have left the group while Coverforce Partners CEO James Stanley will continue in his role and support integration of the business and authorised representative network portfolios into CBN.

Mr Goldsmith joined in 2016 as CEO of Coverforce Partners, building the start-up arm into an established national broking network. He was promoted to overall CEO in October 2022, taking over from Jim Angelis, who co-founded the organisation in 1994.

Mr Dutt, who joined in 2006, previously worked for chartered accounting firms including KPMG.

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. 

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.