Article ID: 28d90119e9110ddae555da2424e030cfc401fe7bcdfec9dbe42417f9979f6529
Source ID: secondary:businessinsurance.com
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URL: https://www.businessinsurance.com/amwins-private-equity-firm-bid-5-4b-for-australian-broker/
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Amwins, private equity firm bid $5.4B for Australian broker - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Amwins, private equity firm bid $5.4B for Australian broker Agents and Brokers , Excess and Surplus Lines , Mergers and Acquisitions Australia & New Zealand Jun 10, 2026 (Reuters) – Australia’s Steadfast said on Wednesday that Amwins Group and Dragoneer Investment had tabled a 7.7 billion Australian dollars ($5.41 billion) buyout offer for the insurance broker, including debt, helping its shares log their best day ever. Under the deal, the consortium has made an offer of AU$6 per share, a premium of about 52% to Tuesday’s close. The tabled offer was also the third and highest bid after two earlier approaches at AU$5.50 and AU$5.83 per share that failed to seal the deal, the insurance broker said. “The premium is solid, but necessary given that the stock has been sold off recently and hence may be considered opportunistic,” said Romano Sala Tenna, portfolio manager at Katana Asset Management. Following the completion of the deal, Amwins would acquire Steadfast’s underwriting agency business, while Dragoneer, an American investment firm, would take over the retail brokerage business. Shares of Steadfast rose more than 36% to AU$5.38, recouping their year-to-date loss of 25% and eking out a near 2% gain for 2026 so far. Steadfast, which operates insurance broker and agency networks across Australia, New Zealand, Singapore, London and the U.S., said it was in the best interests of its shareholders to enter into the process deed with the consortium and also agreed to confidentiality and exclusivity terms to progress the proposal. The board intends to recommend that shareholders vote in favor of the transaction, the company said, adding that it had decided to scrap the proposed minimum holding buyback announced May 12. The buyout offer comes after a turbulent stretch for the company, whose shares tumbled more than 10% in two days after CEO and Managing Director Robert Kelly was temporarily removed last October during an external workplace complaint probe. “The bid represents an attractive proposition for shareholders… it also alleviates concerns around leadership succession issues that are likely to arise over the next 24 months,” said Emanuel Ajay Datt, managing director at fund manager Datt Capital. 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