Cluster group snaps up specialist underwriter

construction professional indemnity

Steadfast has added another specialist underwriter to its ranks, buying a majority stake in the MECON Winsure group.

The cluster group last week announced it had acquired 76% of MECON and full ownership of Winsure, with a purchase price tied to future financial performance.

MECON Winsure specializes in building and construction cover, dealing exclusively with brokers. Since its establishment in 2003, it has opened offices in Sydney, Melbourne, Perth and Brisbane.

Steadfast CEO and Managing Director Robert Kelly says the purchase built on the growing strength of Steadfast’s underwriting agencies.

“Glenn Ross and his team have built a great business with a strong product and service offering and we are excited to be part of their next growth phase,” he says.

MECON Winsure CEO Glenn Ross says: “We look forward to working with Steadfast as an equity partner and having the strength of the Steadfast Network behind us. Our business has been built on solid long-term relationships held with all our intermediaries supporting our market leading products and our underwriting partners.

“We expect Steadfast’s ownership in MECON will ensure that we continue to be a leading supplier in all our products and improve our ability to deliver high quality, innovative products to our business partners,” he says.

“We are also delighted that Hollard will remain a shareholder of MECON as they have been the ideal partners in getting MECON to the point where it is today.”