H.W. International Agrees to Sell UK, French and Greek Operations to Steadfast Group

H.W. International B.V., the Amsterdam-based, privately owned insurance broker, announced the sale of H.W. Wood Ltd. and HWI France to Steadfast Group, the largest general insurance broker network and underwriting agency group in Australasia and owner of one of the largest agency networks in the US.

Financial details of the deal, which is subject to customary regulatory and other conditions being satisfied, were not disclosed. Completion of the acquisition is expected to occur in early December.

Founded in 1982, H.W. Wood has been an independent Lloyd’s broker in London since 2003. It provides wholesale, retail and reinsurance solutions to clients across international marine and cargo, property, fine art and specie and other areas. Together the acquired businesses have more than 75 staff in the UK, France and Greece.

The transaction marks the end of a strategic review, and subsequent sales process, by H.W. International B.V. (HWI BV Group) of its UK, Greek and French operations. HWI BV Group will remain headquartered in Amsterdam, Netherlands, with additional offices in Melbourne, Australia; Dusseldorf and Hamm, Germany; Lisbon, Portugal, and Madrid, Spain. With more than 50 staff worldwide, HWI BV Group specializes in a wide group of classes of business through its own retail arms and MGA.

“The entire HWI BV Group board have been unanimous in their support of this deal,” said Maurits H. Kleingeld, director, HWI BV Group, in a statement.

“The deal will enable the HWI BV Group to continue to prosper and work together with a further fantastic partner, as well as creating a relationship that is truly additive to all parties,” Kleingeld said. “We are thrilled to announce the conclusion of this deal, and the future for H.W. Wood Ltd, HWI France, and all of the HWI BV Group’s firms is bright. We intend to grow the remaining businesses within HWI BV Group, by strengthening inside as well as expanding outside of these areas.”

“We have been investigating options to expand further into the London market to substantially increase our ability to support our network brokers and agencies in Australasia and the U.S., and provide a runway of additional international growth opportunities,” according to Robert Kelly, founder, managing director and CEO of Sydney, Australia-based Steadfast Group.

“With the new scale of our London presence, we also plan to bring the management of binders for our underwriting agencies in-house over the next two years,” Kelly said.

H.W. Wood will continue to be led by Managing Director and CEO Steven Rudduck, who joined the business in 1999.

“Today marks the beginning of a new era for H. W. Wood. This new venture is a pivotal moment in our history, enabling us to enhance our technology and product offerings, expand our market reach, and build on our long and successful history,” Rudduck said.

“Finding the right partnership that aligns with our culture and supports our people and business, while providing growth opportunities has been essential for us. With Steadfast’s support, we look forward to an exciting future ahead,” he added.

Steadfast Group, established in 1996, operates international general insurance broking and agency networks located across Australia, New Zealand, Singapore and the US. In addition to providing products and services to support the broking and agency networks businesses, Steadfast also operates as a co-owner through its equity interests in a number of broker businesses, underwriting agencies (also known as managing general agencies) and other complementary businesses. Steadfast owns a portfolio of 29 underwriting agencies, and has a 60% equity stake in UnisonSteadfast, a global general insurance broker referral network with 294 brokers in 110 countries. Steadfast is also a licensed Lloyd’s of London broker.

Source: H.W. International B.V.