Broker CEO steps down as Steadfast snaps up underwriting agency

Broker CEO steps down as Steadfast snaps up underwriting agency | Insurance Business

Broker CEO steps down as Steadfast snaps up underwriting agency

Austcover CEO John Berge is stepping down from his position to take a career break.

Berge will leave the industry for least six months to revaluate his next move.

Austcover was the parent company of underwriting agency Altiora. Berg co-owns Austcover with business partner David Ingram. The duo sold Altiora to Steadfast, subject to the broker network listing on the stock exchange.

Steadfast has also taken a 49% shareholding in Austcover, also subject to an IPO launch – reported to be this winter.

Altiora’s existing staff will stay with the agency apart from Berge while Ingram will continue as the managing director of Austcover.

Berge and Ingram will stay partners in Austcover as they own the remaining 51% shareholding.

"All parties are very happy with the deal. David and I will have a partnership with Steadfast through Austcover,” Berge told Insurance Business.

"Steadfast made offers as part of their IPO listing.  We came into it pretty late in the day but Steadfast really valued the agency and will continue to manage it alongside its other assets."