Steadfast has changed “dramatically” in its first year as a publicly listed company, Chairman Frank O’Halloran told last week’s AGM in Sydney.

He says Steadfast has maintained its position as the largest broker network in Australia and New Zealand, aided by an aggressive acquisition program.

Its latest major deal is a $55 million takeover of Calliden, for which court and shareholder approvals are expected next month. The network will retain eight of Calliden’s underwriting agencies and on-sell the general insurance business to Munich Re subsidiary Great Lakes Australia.

Steadfast reported a net profit of $41.2 million last financial year, up 17% on the previous year and 9% above the initial public offering (IPO) prospectus forecast.

Mr O’Halloran says the successful integration of 62 pre-IPO and IPO acquisitions was a highlight of the year.

He says the focus this year is on successful integration of post-float acquisitions, improving margins and further acquisition opportunities.

Steadfast is a service provider to 306 broker businesses – including 54 equity-owned brokers – and nine underwriting agencies, with annual insurance revenue of more than $5 billion. It has 500 offices in Australia, New Zealand and Singapore.

Steadfast brokers generated gross written premium (GWP) of $4.1 billion last financial year, up 5%.

Annual GWP for the network, which includes recently acquired NZ broker network Allied Insurance Group – now rebranded as Steadfast – is currently $4.5 billion.

MD and CEO Robert Kelly told the AGM underwriting agencies will be a key growth area this year.

Steadfast has also established Steadfast Placement Solutions, to work exclusively with its brokers on hard-to-place risks.

The AGM marked the retirement of Jonathan Upton from the board after 10 years.

He will remain on the boards of Steadfast Underwriting Agencies and Steadfast Insurance Brokers and continue in an operational role as MD of Steadfast IRS.

Steadfast floated in August last year and is an ASX200 company.

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