Steadfast Group has acquired control of food and beverage risk adviser Victual Risk & Insurance and its sister business @ Risk Underwriting.

MD and CEO Robert Kelly says the joint venture investment represents a “significant opportunity to deliver greater value” to brokers and clients.

“[The businesses] bring exceptional capability in a highly specialised sector,” he said. “The acquisition will immediately strengthen our offering by introducing dedicated food and beverage segment expertise, enhanced risk management capability, and through @ Risk Underwriting, an expanded suite of property, liability and product recall products for the Steadfast broker network and their clients.”

Food and beverage underwriter @ Risk complements Victual’s risk advice expertise through strong technical proficiency and specialist solutions across key risk classes, particularly product recall insurance, according to Steadfast.

Victual co-founders and directors Peter McGee and David Goodall say the Steadfast deal “marks a significant milestone in our growth journey.

“With Steadfast’s scale, infrastructure and expertise behind us, we are well positioned to accelerate the deployment of our services and enhance the support our clients receive.”

The two businesses will retain their brands and operate as standalone operations, led by the two directors.

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