Steadfast is close to announcing its first brokerage hub with the formation of IRS Steadfast in NSW.

The hub will be formed with Indemnity Corporation and Finn Foster, both 49% owned by Steadfast, plus wholly owned brokerages Wagland Salter and DMA Insurance Brokers.

Broker hubs were foreshadowed in Steadfast’s prospectus, which suggested they would gain efficiencies by using a standard outsourced back-office service.

“It’s exciting to see the co-operation between the hub brokers and their determination to achieve back-office synergies that will result in increased bottom-line profit,” Steadfast MD Robert Kelly told insuranceNEWS.com.au.

Hubs will comprise brokerages with similar geographic or product focuses. In the Steadfast prospectus, Indemnity Corp and Finn Foster were given as an example of how hubs could work and how the company could manage succession issues.