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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

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