Rothbury Joins Steadfast Insurance Broker Network

Rothbury Insurance BNews release

Rothbury Joins Steadfast Insurance Broker Network

Auckland, 24 April 2013 – Leading insurance broker Rothbury Insurance Brokers has become the founding New Zealand member of Australian insurance broking network Steadfast, making it the largest such network in Australasia.

Established in 1950, Rothbury is the largest wholly New Zealand-owned insurance broker with 15 broker branches nationwide and 50,000 clients serviced by 190 staff.

Established in 1996, Steadfast is the largest insurance broking network in Australia with 280 brokerages represented by 420 offices serving more than one million businesses. Steadfast brokers account for A$4.1 billion of the total A$16.9 billion Australian insurance broking premiums.

Rothbury managing director Roger Abel said membership of the Steadfast network will enable Rothbury to provide better technical support and resources to brokers, ultimately better service to clients and help the company grow as the largest New Zealand majority-owned insurance broker. Rothbury aims to have 300 staff and more offices around the country by March 2017.

Mr Abel said Steadfast membership will give Rothbury access to:

• Client services such as the Broker Assist service
• Professional development including Steadfast Campus on-line learning and the Steadfast Convention, the biggest general insurance conference in Australia
• Resources including tailored product packages and compliance tools

“Steadfast will help Rothbury in many ways,” said Mr Abel. “For example, natural and other disasters mean well-priced insurance cover is becoming harder to get. Membership of the Steadfast network will plug our brokers into more insurance options.”

He said Rothbury decided to search for an international partner and, after careful evaluation, chose to join the Steadfast network as the founding New Zealand member. Steadfast is teaming up with Rothbury and will acquire a 30 per cent cornerstone shareholding in Rothbury with the transaction made up of 17 per cent in cash and 13 per cent in Steadfast shares conditional on Steadfast listing.

Mr Abel said Rothbury will continue to operate under its own brand as an independent company. “Aside from accessing a multitude of resources, professional development and customer service benefits it will be ‘business as usual’ for our staff, clients and suppliers.”

Steadfast CEO and managing director Robert Kelly welcomed Rothbury into the Steadfast network. “Rothbury is a well-established and highly regarded company and I am delighted it has chosen to spearhead Steadfast’s entry to the New Zealand insurance broking market.”


About Rothbury – www.rothbury.co.nz
Established in 1950, Rothbury is today one of New Zealand’s leading insurance broking groups with 15 branches nationwide and 50,000 clients serviced by 190 staff.

Rothbury delivers commercial insurance solutions to small, medium and large enterprises and protects the assets of thousands of individuals. Rothbury prides itself on providing personalised service, smart solutions, quick action and commitment. The company’s ownership structure offers clients the security of a larger firm with the commitment of a local owner.

Along with broking services, Rothbury also owns a number of underwriting agencies and related businesses including:
• Classic Cover Insurance Ltd has specialised in insuring extraordinary vehicles since 1983.
• Covi Insurance covers the motorhomes and caravans of over 11,500 members of the New Zealand Motor Caravan Association.
• Go Cover Car Insurance provides motor vehicle insurance through licensed motor vehicle dealers and finance houses.
• Rothbury Risk and Investment offer advice on life insurance and investment products to clients in the greater Auckland area. In the Bay of Plenty, Rothbury Financial Services offer independent, expert advice on home loans as well as a full range of risk and investment solutions.


About Steadfast – www.steadfast.com.au
Established in 1996, Steadfast is Australasia’s largest network of insurance brokers, comprising more than 280 insurance brokerages with more than 430 offices.

With offices in the major cities and regional centres of Australia and New Zealand, Steadfast Brokers represent local, personalised service within their communities. Being part of a national network gives brokers access to a larger pool of skills, knowledge, products and services, delivering a higher quality service at a lower cost.

Steadfast helps insurance brokers to provide professional service and advice to their clients. It supports them with a comprehensive suite of ongoing education and support services, including business and compliance support, customer service tools and staff benefits.

Annually, the broker network generates about A$4.2 billion in sales. This provides enormous buying power and flexibility when negotiating with insurers. Steadfast Brokers have access to multiple insurance companies and can offer competitive pricing, a broad choice of products, valuable advice and quality service. Steadfast brokers look after the needs of more than one million Australian and New Zealand businesses.

ENDS

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