General insurance broker network giant Steadfast Group has snapped up a majority stake in Darwin-based AFA Insurance Brokers (AFAIB), making the latter Steadfast’s first equity business in the Northern Territory.
In line with the group’s other equity businesses, the management team at AFAIB will maintain a significant shareholding and remain in their current roles. The business is led by of Fernando Di Toro, Riccardo Lelli, and Lance Schmidt.
“We are extremely excited to partner with Steadfast and believe this next stage will provide a significant benefit to a growing client base and reach within the Northern Territory,” said Lelli, whose camp offers a range of general insurance products including commercial, industrial, and domestic insurance.
AFAIB came to life in 1999 and joined the Steadfast broker network in 2002.
Commenting on the swoop, Steadfast managing director and chief executive Robert Kelly noted: “We are excited to have a majority stake in AFA Insurance Brokers, as this is our first equity business in the Northern Territory and will be the stepping-stone to grow our presence in the NT.”
“AFA Insurance Brokers have been operating for more than 20 years,” he added. “Fernando, Riccardo, and Lance are long-standing Territorians and are highly respected in the business community as having strong technical expertise and claims experience, coupled with extensive knowledge of the region’s economic environment.
“It gives me great confidence that together, with the team at AFAIB, we will continue together to succeed in driving the business forward by meeting the needs and exceeding the expectations of the AFAIB clients.”
Financial terms of the transaction were not disclosed.