DLA Piper advises Steadfast in its acquisition of Insurance Broker Network ISU Group for US$55 million
DLA Piper represented Steadfast Group, a general insurance broker network, in its acquisition of ISU Group, a privately-owned US-based insurance network, for US$55 million.
Steadfast Group is the largest general insurance broker network and the largest group of insurance underwriting agencies in Australasia, with growing operations in Asia and Europe.
ISU Group, based in South Carolina, is one of the US’s largest agency networks. The company works with 75 insurance carriers and wholesalers, encompassing about 220 members and partnerships, in more than 40 states. As a result of the transaction, ISI Group will allow Steadfast Group an entryway into the North America market and now the U.S.
“We were pleased to work with Steadfast and combine our deep M&A and insurance industry experience to bring this deal together. This landmark acquisition establishes Steadfast’s US foothold and positions it for growth in the Americas region,” said Matthew Gorra, the DLA Piper partner who led the deal team.
Global Insurance co-chair and U.S. Steadfast relationship partner Aidan M. McCormack added: “The splendid and quick work of our team demonstrates DLA Piper’s powerful capabilities in and continued commitment to the whole insurance sector – M&A, Regulatory and Disputes.”
In addition to McCormack (New York) and Gorra (Baltimore), the DLA Piper team included Australia relationship partner Samantha O’Brien, and partners Stephen Schwab (Chicago), Sarah Tauman (San Francisco) and Julia Kovacs (Baltimore); senior counsel Peter Rice (Boston); and associate Brendan Kelly (Baltimore).
With more than 1,000 corporate and regulatory lawyers globally, DLA Piper helps insurance clients execute complex transactions seamlessly and across all stages of development. The firm has been rated number one in global M&A volume for 13 consecutive years, according to Mergermarket, and ranked as a top five most active VC legal advisor in the US and number one in VC, PE and M&A in combined global deal volume according to PitchBook.