Network Insurance acquires Nadic

The acquisition represents a significant expansion for NIG into new parts of the state of New South Wales (NSW), with Nadic operating branches in the Hunter and Gold Coast regions, as well as in Sydney.

The acquisition also expands the range of services offered by NIG. The company, which is majority owned by the Steadfast Group, specialises in general risk management, workers’ compensation, claims management and specialty industry risks.

Nadic specialises in general insurance, travel insurance, business insurance, professional and directors’ insurance, mining and allied industries, income protection, life insurance, employee benefits and workers’ compensation.

In a statement, NIG CEO Andrew Broughton said: “The Hunter region is the seventh largest population base in Australia, and strategically aligns well alongside our recent moves into the Gold Coast and Northern NSW last year, offering tremendous scope for future development.”

Nadic CEO Dallas James said that Nadic would continue to serve its existing clients as the two businesses integrated operations over the next 12 months, adding that ‘we look forward to improved systems and efficiencies’, ‘enhanced by the support of NIG’.

Australia’s general insurance industry is forecast to be worth A$99.9 billion (US$73.6 billion) in 2026, growing at a compound annual growth rate of 6.4 per cent, according to research by GlobalData.