Steadfast Group is making a big move to grow its presence in the US by buying a majority stake in Novum Underwriting Partners, a specialty underwriting agency and wholesale brokerage based in Ohio. This step is part of Steadfast’s plan to expand globally and offer more to its broker network and clients.
Novum, founded in 2019, stands out for its unique technology platform, Novum Online. This platform helps brokers and partners with everything from submitting and underwriting policies to quoting, servicing, and renewals. The technology is expected to boost Steadfast’s product offerings and open up new growth opportunities.
Robert Kelly, Steadfast’s CEO, said that Novum will play a crucial role as the company’s main program development and management platform in the US. It will provide specialist managing general agency and wholesale services not only to Steadfast’s US broker network but also to the wider market. The acquisition will also help some of Steadfast’s own underwriting agencies to move into the US market. It will improve brokers’ access to wholesale placements through HWS Speciality, Steadfast’s Lloyd’s broker based in London.
Kelly called this a big step in growing Steadfast’s international reach and strengthening its commitment to delivering trusted insurance solutions worldwide. Novum will keep running under its current CEO, Christopher Longo, ensuring continuity in leadership.
Overall, this deal looks like a smart move to strengthen Steadfast’s foothold in the US insurance market using Novum’s strong technology and expertise. It sets the stage for new business growth and more options for brokers and clients across the region.