Shares of Australian general insurance broker Steadfast Group (ASX:SDF) have seen a rise of as much as 1.3% to A$5.56, highlighting its biggest intraday percentage gain since late September.

This leap comes after the company announced its plans to acquire U.S.

private insurance agency ISU group for $55 million.

The acquisition is expected to be earnings per share accretive from the date of the procurement, according to statements from Steadfast Group (ASX:SDF).

As part of the firm’s expansion strategies, the company aims to deliver its business model to the U.S.

insurance market.

Despite this, the week has not been entirely positive for Steadfast Group (ASX:SDF), poised to mark its worst week since early September, having lost over 1.2% in value so far.

As of the last close, the company’s stock is up by 0.37% for the year to date.

Steadfast Group is an Australian-based general insurance broker.