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

 


Steadfast partners with reinsurance broking business

MARKET RELEASE 5 August 2014

Steadfast partners with reinsurance broking business

Steadfast Group Limited (‘Steadfast’) (ASX: SDF) today announced that it has agreed to take a 50% equity interest in Steadfast Re Pty Limited (‘Steadfast Re’). Steadfast Re is the former Australian & New Zealand reinsurance broking business of Beach & Associates Limited (‘Beach’) with forecasted FY15 EBITA of approximately $1.0 million.

Robert Kelly, Managing Director & CEO of Steadfast said “Steadfast Re will be the only Australian owned reinsurance broker supporting Australian and New Zealand insurers, and it will have the endorsement of Steadfast and an international reinsurer broker Beach & Associates.”

Mr Kelly added “Our joint venture with Steadfast Re introduces a further complementary business to our distribution channel of insurance products and services. We plan to help Simon and his team develop the business by providing them with access to our network of 311 broker businesses and enhancing their relationships with our Strategic Partners.”

Simon Cloney, CEO of Steadfast Re, commented “I would like to thank Beach for their tremendous support over the last ten years. Working with Beach professionals around the world we have been able to develop a dynamic reinsurance brokerage. Our leadership team looks forward to working with Steadfast as we continue to deliver first class reinsurance solutions to our existing and future clients.”

About Steadfast Re

Steadfast Re, formerly Beach & Associates Sydney, was established in 2004 as a reinsurance broker. It has pioneered the brokering of casualty facultative and introduced insurance-linked securities (ILS) reinsurance to the Australian and New Zealand markets. Its analytical work and innovation plus its unique relationships with both rated paper and ILS reinsurers have enabled Steadfast Re to deliver creative solutions and value to its clients.

About Steadfast

Steadfast, established in 1996, is a provider of services to 311 insurance broker businesses across Australia and New Zealand that generate over $5 billion in insurance sales. It operates as both a broker network and a consolidator through its equity interests in a number of insurance broker businesses. Steadfast also has equity interests in underwriting agencies and other complementary businesses and a 50% interest in Macquarie Pacific Funding. For further information, please visit the Investor section of our website at www.steadfast.com.au.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news