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

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news