Steadfast Group has announced its acquisition of a majority stake in US-based specialty underwriting agency and wholesale brokerage, Novum Underwriting Partners LLC.
Novum will serve as Steadfast’s programme development and management platform in the US, offering specialist managing general agency and wholesale solutions to its US broker network, ISU Steadfast, and the broader US market.
Founded in 2019 and based in Ohio, the business is underpinned by a proprietary technology platform, Novum Online, which incorporates a marketplace, submission and underwriting functions that enable quoting, servicing and renewals, as well as policy management for brokers and distribution partners.
Steadfast founder, managing director and CEO, Robert Kelly AM said: “We have been exploring options to accelerate our growth in the US market and offer greater value to our ISU Steadfast network members and their clients. Novum will significantly expand our product and technology capabilities and provide a long runway of additional growth opportunities.”
Mr Kelly explained that Novum will also support the expansion of select Steadfast-owned underwriting agencies into the US market, and broker access to wholesale placement through its wholly owned Lloyd’s broker, HWS Speciality, headquartered in London.
“It’s an exciting step forward in growing our international footprint and commitment to delivering trusted solutions globally”, said Mr. Kelly.
Novum will continue to be led by its founder and CEO, Christopher Longo, and management will continue to own equity in the company to promote alignment and future value creation.