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

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news