Steadfast Group has announced the acquisition of a majority stake in Novum Underwriting Partners, a U.S.-based specialty underwriting agency and wholesale brokerage. The move marks a significant step in the company’s global growth strategy.
Expansion Into the U.S. Market
In a statement released from Sydney, Steadfast CEO Robert Kelly said the acquisition would accelerate the group’s U.S. market growth and deliver greater value to ISU Steadfast network members and their clients.
Kelly noted that Novum will broaden Steadfast’s product and technology capabilities, creating long-term opportunities for growth.
About Novum Underwriting Partners
Founded in 2019 and headquartered in Ohio, Novum operates on a proprietary platform called Novum Online. The platform includes a marketplace and tools for submissions, underwriting, quoting, servicing, renewals, and policy management for brokers and distribution partners.
Novum will serve as Steadfast’s U.S. program development and management platform, providing specialty managing general agency and wholesale solutions to ISU Steadfast members as well as the broader U.S. market.
Integration With Steadfast Operations
According to Kelly, Novum will also support the entry of Steadfast-owned underwriting agencies into the U.S. and expand broker access to wholesale placement through HWS Specialty, the group’s wholly owned Lloyd’s broker in London.
“This is an exciting step forward in growing our international footprint and commitment to delivering trusted solutions globally,” Kelly said.
Leadership and Continuity
Novum will continue to be led by its CEO, Christopher Longo, as it integrates into Steadfast’s operations.
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