DLA Piper has advised Steadfast Group Limited on their acquisition of a non-controlling stake in unisonBrokers AG to grow the global distribution platform for both networks. unisonBrokers will be renamed ‘unisonsteadfast’ following the transaction. The parties agreed not to disclose the purchase price.

Steadfast Group will join the unisonsteadfast network and facilitate access to international markets for brokers in the existing Steadfast Network. Steadfast’s current operations in Australia, New Zealand, Asia and London (wholesale) will continue unchanged.

Steadfast, established in 1996, is the largest general insurance broking network and the largest underwriting agency group in Australia and New Zealand. The network provides services to over 352 broker businesses across Australia, New Zealand, Asia and Europe. Steadfast Network brokers and underwriting agencies generated billings of more than $6.5 billion for the 12 months ended 30 June 2016.

The DLA Piper team was led by Cologne partners Jan Eltzschig (Corporate) and Dr Christian Schneider (Litigation & Regulatory). The team also included partners Dr Daniel Weiss (Corporate, Hamburg) and Kerstin Schnabel (Corporate, Cologne),  Counsel Heike Schmitz (Corporate), Senior Associate Dr Hanna Schmidt (Litigation & Regulatory) as well as Associate Hubertus Neu (Corporate, all Cologne).