Steadfast has consolidated its underwriting interests into a new agency business called Steadfast Underwriting Agencies.

The operation will include the wholly owned Miramar Underwriting Agency and Altiora Insurance Solutions and Steadfast’s 80% share of Sports Underwriting Australia.

Steve Gilbert is the new MD and will also continue as Sports Underwriting MD. Simon Lightbody becomes COO, while remaining CEO of Miramar.

Steadfast’s 39.5% share of Sterling Insurance is not included in the new company, which will have gross written premium of about $120 million.

Mr Gilbert says Steadfast Underwriting plans to develop new and enhanced offerings.

Steadfast group MD Robert Kelly says the operation will capture growth opportunities “through its ability to develop and market insurance products in niche segments”.

He has invited shareholders to “town hall” meetings next month. “If there are any queries… I am happy to take them on the nose and answer them,” he said in a podcast.

Mr Kelly says when the board first talked to brokers about listing Steadfast, he thought it might have a market capitalisation of $80 million. The company listed earlier this month capitalised at $730 million.

Meanwhile, Steadfast has announced it has completed all the acquisitions it listed in its prospectus. MD Robert Kelly says “all of the acquisitions have in place existing management teams that will continue to be primarily responsible for ongoing day-to-day management of each individual business.

“For those businesses in which Steadfast has acquired 100% ownership, Steadfast has either contracted with existing management to continue to operate the business or will merge the business with another Steadfast equity broker, consistent with the hub strategy.”