Steadfast Group Limited announced today that it has purchased 60% of Protecsure Pty Limited's share capital. This is Steadfast's first acquisition post IPO, according to Scoop. The acquisition deal will be funded from Steadfast's existing cash resources, the report said.

Protecsure is an insurance underwriting agency that specializes in general property cover on equipment, products liability, and marine transit products. The firm distributes its products through insurance brokers and financiers. The Sydney-based company caters to a range of clients including tradesmen with specialized equipment and school students with laptops. Protecsure provides an end to end solution and claims for both clients and insurers, the report detailed.

Steadfast's Managing Director and Chief Executive Officer Robert Kelly said of the transaction, "The Protecsure acquisition is in keeping with our strategy for building on our underwriting agencies with a focus on specialist products. We are particularly impressed with Protecsure's internally developed fully automated underwriting systems which create tremendous time and cost savings."