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Investing in balance-sheet businesses is a “more nuanced” story than backing brokers or MGAs. -
The UK and Ireland have also seen “increased activity”, with four deals announced.
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The carrier is set to start underwriting five new lines of business in the Lloyd’s market.
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Steadfast Group is Australasia’s largest general insurance broker network and has been expanding in Europe.
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The business is being marketed off around £15mn Ebitda, sources said.
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Nicola Gaisford joined RiverStone from R&Q last year.
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The acquisition will expand Allianz Direct further into the B2B2C segment.
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Sources said the brokers are in the final stages and could seal a deal in the next couple of weeks.
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The wholesaler also paid $11.7mn in cash to Alera for the acquisition of Greenhill Underwriting.
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The sale is expected to close next month, though terms are not yet final.
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The Goldman Sachs-backed broker will buy out BP Marsh’s stake.
