Steadfast is in a strong position to execute its growth strategy, including setting up a pan-Asia broker network, shareholders heard at last week’s AGM in Sydney.

“The focus for [2015/16] will be on generating growth from our network of insurance brokers and underwriting agencies through business opportunities, cross-selling, cost synergies and stronger strategic partner relationships,” Chairman Frank O’Halloran said.

“We will also continue to look at further acquisition opportunities.”

The broker group’s net profit for the year to June 30 grew 68% to $42.1 million, and gross written premium gained 8% to $4.4 billion.

CEO and MD Robert Kelly says the group has a debt capacity of $110 million to take on more acquisitions, which has been key to the group’s success in an otherwise difficult operating environment.

He says last financial year was “incredibly powerful”. 

“Growth by acquisition remains a key part of our growth strategy but we are mindful of organic growth and are very much focused on generating revenue and cost synergies for our businesses,” Mr Kelly said.

“The next 12 months will see a focus on developing an Asian broker network and exploring the portability of our underwriting agencies and reinsurance broker into the Asian markets.”

An aggressive acquisition strategy has transformed Steadfast into the largest broker network in Australia and New Zealand, with a market capitalisation of $1.12 billion.

It acquired Calliden’s eight underwriting agencies for $55 million in December last year and two QBE agencies in April.

Steadfast listed in August 2013 and is an ASX 200 company.