Steadfast has launched newly created agency business Steadfast Underwriting Agencies, acting as agents on behalf of general insurers providing product expertise, claims management and distribution for specialised insurance policies.
Steadfast Underwriting Agencies includes three agencies in which Steadfast has a controlling equity interest. They are: Miramar Underwriting Agency , which it has 100% equity interest, Sports Underwriting Australia Pty, of which it has an 80% stake, and a 100% equity interest in Altiora Insurance Solutions.
Steadfast also has a 39.5% equity interest in Sterling Insurance. Sterling will continue to be managed by its existing shareholders and management team.
Steadfast’s equity interest in all four agencies will be managed by the board of Steadfast Underwriting Agencies.
Sports Underwriting Australia managing director Steve Gilbert has been appointed as managing director of Steadfast Underwriting Agencies, and Miramar CEO Simon Lightbody has been appointed as chief operating officer. He will also be the Lloyds coverholder for the group. Both will retain their current positions.
“Steadfast Underwriting Agencies will help capture future growth opportunities through its ability to develop and market insurance products in niche segments,” Steadfast managing director & CEO of Steadfast Robert Kelly, said.
Gilbert added: “Forging long-term broker and underwriter partnerships is at the core of Steadfast Underwriting Agencies offering and we look forward to strengthening these relationships through the development of new and enhanced agency offerings.”
Steadfast Underwriting Agencies in aggregate placed more than $120m in gross written premium (GWP) in FY12 on a pro-forma basis, which assumes Steadfast has owned the Steadfast Underwriting Agencies since the commencement of FY12.