Steadfast Group co-founder Robert Kelly says he will continue in the CEO role if a proposed $7.7 billion acquisition of the company proceeds.

As reported in a Breaking News alert, Amwins Group and Dragoneer Investment Group have made a $6-a-share offer for the listed giant.

Steadfast previously said Mr Kelly would step down as CEO this year, with the company planning to announce a successor before the August results, although he intended to remain on the board.

But if the acquisition completes, those plans are on hold.

“Steadfast is no longer looking for a new CEO,” Mr Kelly told insuranceNEWS.com.au today. “I’m happy to stay.”

Amwins and Dragoneer intend to act jointly to pursue the transaction, with Dragoneer acquiring Steadfast’s retail brokerage business and Amwins taking its underwriting agencies.

As reported earlier today, Steadfast’s underwriting agency CEO Mark Senkevics will leave later this year to become Helia Group CEO, but Mr Kelly confirmed Australasia broking CEO Tim Mathieson will stay.

“We wish Mark really well,” he said. “His commercial insurance experience is well suited to his new role.”

Mr Kelly told insuranceNEWS.com.au Steadfast’s potential buyers are a good fit.

“Amwins has been built in a similar way to Steadfast,” he said. “Their operational structure is very similar.

“Dragoneer is a very focused investment group, and they look for opportunities where you’ve ‘nailed it but not yet scaled it’. If you look at our platform development over the past 14 years, we’ve got a very viable business – and the potential to do in the US what we’ve done in Australia.

“If this transaction goes through, we will have owners who understand what we do and how we operate.”

Today’s announcement to the Australian Securities Exchange says a period of eight weeks’ due diligence will now take place.

The board says – subject to reaching agreement on acceptable terms – “it intends to unanimously recommend that Steadfast shareholders vote in favour of the potential transaction”.

However, the announcement adds that “there is no certainty that the proposal will result in a binding offer or that any transaction will eventuate”.