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

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news