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

 


Steadfast acquires New Zealand-based Allied Insurance Group

Steadfast acquires New Zealand-based Allied Insurance Group


Steadfast Group Limited (‘Steadfast’) (ASX: SDF) today announced that it has acquired Allied Insurance Group Limited (‘Allied’), the second largest broker network in New Zealand. Allied had a normalised EBITA of $0.3 million for the 12 months ended 31 March 2014.

Bruce Oughton, CEO of Allied, commented, “We are delighted to join the Steadfast Group and benefit from their scale and strength in Australia and New Zealand. Steadfast New Zealand will become a natural acquirer of our businesses should our brokers want to sell equity stakes. We also look forward to finding ways to bring the best of both Steadfast and Allied service and product offerings to our clients, via Steadfast New Zealand, and I am happy to continue heading up the new group.”

Allied has 31 independently owned members with 40 offices across metro and regional New Zealand. Allied generated NZ$172 million (A$159 million) of gross written premiums in FY14.

Mr Robert Kelly, Managing Director & CEO of Steadfast, said “We are very pleased to broaden our presence in New Zealand by welcoming Allied to the Steadfast Network. Allied’s business model is very similar to Steadfast’s pre IPO and we will ensure their members enjoy the same level of benefits as ours.

Through partnering with Steadfast, Allied will be able to offer existing and new brokers expanded services and product offerings as well as succession planning opportunities.”

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news