Steadfast Group has agreed to acquire HW Wood Limited and HWI France from HW International BV. HW Wood dates back to 1982 and has been a Lloyd’s broker since 2003. It provides wholesale, retail and reinsurance solutions to clients across lines including international marine and cargo, property, and fine art and specie.

Steadfast is the largest general insurance broker network and underwriting agency group in Australasia and has a large footprint in the USA.

Robert Kelly, founder and CEO of Steadfast Group, said: “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 US, and provide a runway of additional international growth opportunities.”

Steve Rudduck, managing director of HW Wood will continue to lead the business following the acquisition.

He said: “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.”