Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Steadfast expands its agency business

Steadfast expands its agency business with the acquisition of 70% of Nautilus Marine

Steadfast Group Limited (‘Steadfast’) (ASX: SDF) today announced that it has acquired 70% of the share capital of NM Insurance (Nautilus Marine), a Steadfast strategic partner with an EBITA of $1.6 million for the year ended 30 June 2013.

NM Insurance, established in 2005, is a leading underwriting agency operating across Australia and New Zealand that specialises in marine and motorcycle insurance. It offers, through a number of brands and corporate partners, insurance for a full range of marine private pleasure craft, commercial craft and commercial insurance products for the marine industry. Motorcycle insurance is an established feature of its New Zealand operations and a key growth area in Australia.

The completion payment is funded with existing cash resources and meets Steadfast’s strict

acquisition criteria including that it be EPS accretive within the first 12 months of ownership. The

final purchase price will be determined based on performance for the year ended 30 June 2015.

The remaining 30% equity will be owned by key management personnel at NM Insurance.

Mr Robert Kelly, Managing Director & CEO of Steadfast, said: “We are pleased to add another high quality business to Steadfast Underwriting Agencies. NM Insurance has been a strategic partner with Steadfast since 2009 and complements our underwriting agency offerings. The business is run by a group of young, ambitious and energetic people who have the innovation and drive in keeping with the Steadfast culture. We are thrilled to be able to support their
growth and add value to the Steadfast Network.”

Lyndon Turner, CEO of NM Insurance, commented, “We look forward to continue working with Steadfast now as an equity partner, as well as growing with our other partners across Australia and New Zealand. Our business has been built on solid relationships held with our intermediaries supporting our market leading products, and our underwriting partners. We expect Steadfast’s ownership in NM Insurance will ensure we continue to be a leading supplier in all the products

we offer under our various brands, including our most prominent, Nautilus Marine.”

Mr Turner added, “I would like to personally thank our founding equity partners, The Hollard Insurance Group and Ian Frith, also founder of a Steadfast Network broker IC Frith Insurance.

From day one, the professionalism and support of our founding equity partners and our staff has been instrumental in the success of NM Insurance.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: