Steadfast Group has told the ASX that due diligence on the consortium's proposed $7.7 billion acquisition of the company is substantially complete, extending the exclusivity period by two weeks to August 19 2026.
In a market announcement today, Steadfast confirmed that Amwins Group, Dragoneer Investment Group and KKR - the consortium pursuing a scheme of arrangement to acquire 100% of Steadfast's outstanding shares at $6.00 cash per share - have reconfirmed their intention to proceed with the proposal. Steadfast said the consortium reported "positive progress" over the past eight weeks and remains committed to completing confirmatory due diligence and securing internal approvals needed to sign a binding agreement.
Steadfast's board reiterated that there is no guarantee a binding agreement will be reached and that shareholders do not need to take any action at this stage. The company said it will continue to update the market as appropriate.
The proposal, first tabled in June, would value Steadfast - whose broker and agency networks place around $25 billion in gross written premium annually across Australia, New Zealand, Singapore and the US - at $6.00 per share, less any dividends declared after June 5 2026.
Second departure from Steadfast's leadership team
Steadfast has confirmed to Insurance Business that Tim Mathieson, CEO, Australasia Broking, has stepped down from his role effective July 31 2026 to pursue a new opportunity.
"Tim leaves the role after 11 years with Steadfast Group, during which time he has made a significant contribution to the growth and development of the Group's broking operations," said a Steadfast statement. "Notably, he spent five years leading QIB Group through an extensive growth strategy that included nearly 20 acquisitions. Steadfast thanks Tim for his leadership and contribution over the past decade."
Mathieson joined Steadfast in 2015 and was appointed CEO of Australasia Broking in May 2025, having previously led Steadfast subsidiary QIB Group from 2021 to 2025. He briefly served as acting group CEO in late 2025 while Robert Kelly (pictured) stood aside during an external investigation into a workplace complaint, before Kelly resumed his duties.
The departure marks the second senior exit from Steadfast's leadership in as many months, following underwriting agencies head Mark Senkevics's move to Helia Group in June - both landing in the middle of the consortium's ongoing due diligence process on its proposed $7.7 billion acquisition of the company.
