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

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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