Steadfast outlines growth priorities
Steadfast’s priorities include increasing shareholder value, building relationships with partners and growth through acquisition, MD and CEO Robert Kelly told last week’s investor days in Melbourne and Sydney.
The company is also looking for greater efficiencies through its scale.
Steadfast says it has established hubs in six states, where 25 entities operate under eight platforms, gaining scale and efficiency.
EGM Business Development Adrian Humphreys says he is working with the broker network to evaluate, assist and implement processes for brokers to achieve organic growth.
Current projects include Steadfast Asia and life insurance underwritten by MetLife.
The Asian operation involves forming links for Steadfast brokers and Asian counterparts whose clients are trading in Asia and Australia.
Steadfast will consider equity positions and is exploring whether it can take underwriting agency, reinsurance broking and life broking business into the Asian market.
Investors heard Steadfast has developed an IT platform to sell online home, contents and personal motor cover through Steadfast Direct.
Steadfast developed the product with Berkshire Hathaway Insurance last November, with the aim of selling the cover through brokers initially and later to clients directly.
Berkshire Hathaway has since signed a strategic partnership with IAG.
Steadfast Underwriting Agencies CEO Simon Lightbody told investors gross written premium has grown from $120 million from seven agencies last year to $765 million from 22 agencies.