Steadfast Group is set to take a big step into the U.S. market by acquiring a majority stake in Novum Underwriting Partners LLC, a specialty managing general agency and wholesale brokerage based in Ohio. Launched in 2019, Novum has built a solid reputation thanks to its unique technology platform, Novum Online. This system streamlines many parts of the insurance process—letting agents and partners handle quoting, servicing, renewals, and policy management all in one place.
This deal means Novum will become Steadfast’s main hub for program development and management in the United States. It will provide specialized managing general agency and wholesale services not only to Steadfast’s U.S. agent network, called ISU Steadfast, but also to a broader audience across the country. The acquisition is expected to wrap up in the fourth quarter of 2025.
At the same time, another significant move is happening. Gallagher Re, the global reinsurance broker linked to Arthur J. Gallagher, announced it signed an agreement to buy Steadfast’s reinsurance division, Steadfast Re Pty Ltd. This shows Steadfast is reshaping its business, focusing more on program management in specialty insurance through companies like Novum.
With this deal, Steadfast is expanding its reach and capabilities in the U.S. insurance space while streamlining its focus elsewhere. Novum’s technology and expertise will likely strengthen Steadfast’s position and provide new options for its agents and partners across the country.