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

 

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