Steadfast news

Stats (FY18)

  • 377 network brokers (53 in New Zealand and Asia)
  • NZ$366 million GWP
  • 160+ exclusive products and services
  • HQ: Sydney

History

Steadfast was founded in April 1996 with 43 broker members, and the aim to strengthen broker offerings by enhancing its leverage when dealing with insurance suppliers. This is combined with the local knowledge and expertise of each broker within their respective region, with each independent business pooling its gross written premium under the Steadfast umbrella.

The group established a 50% ownership position in Miramar Underwriting Agency in 2005, and had grown to 278 network brokers and $3.9 billion network broker GWP by 2013.

Steadfast was listed on the Australian Stock Exchange in August 2013, raising funds to become a co-owner and consolidator of broker businesses, underwriting agencies and a number of other complementary businesses. It acquired New Zealand’s second largest broker network in 2014 and established Steadfast Re, a 50% owned joint venture.

Steadfast reached an ASX market capitalisation of $2+ billion by 2017, and launched operations in Singapore that same year. Its gross written premium for FY2018 totalled $5.3 billion, with NZ$366 million coming from its New Zealand operations. Today, Steadfast is the largest insurance broker network and underwriting agencies group in Australasia, and has growing operations across Asia and Europe.

Services

Steadfast’s vast network means it can offer advice on the full spectrum of insurance products, from cyber to farm to all areas of business including interruption, liability and professional indemnity. It has exclusive access to over 160 products from a range of insurers, giving its brokers a ‘competitive edge in an ever-changing market.’

Its broker model allows brokers the ability to remain independently owned and operated, or they can choose to let Steadfast take an equity stake in their business. Its ‘offer and acceptance’ model means none of its products and services are compulsory for its members, and brokers are free to pick and choose the best fit for their clients.

Complimentary businesses

Steadfast currently operates a number of complimentary businesses across a range of sectors, all of which fall under the Steadfast umbrella. Its key businesses are the following:

Steadfast Technologies: A specialist technology service provider for brokers and underwriting agencies. The subsidiary deals with e-commerce platforms, training, policy management systems and other technology to help improve the business operations of Steadfast members.

Work Health Options (WHO): A broking, claims and risk management service which assists employers with all aspects of health insurance. It offers advice on returning to work and injury management, workers’ compensation and recovery and claims management, along with all aspects of insurance procurement.

Steadfast Re: A reinsurance company with offices in London and Sydney, offering protection and exposure analysis to a vast portfolio of businesses.

Steadfast Life: Life insurance experts specialising in life, total and permanent disability (TPD), trauma and income protection products. It handles personal and business life insurance, and also advises on employee benefit schemes.

Macquarie Pacific Funding: An insurance premium funding company offering loans for premiums of up to $150,000.

Meridian Lawyers: An insurance-focused law firm which specialises in insurance, health, corporate and commercial and employment law, and advises on all areas of dispute resolution.

Corporate social responsibility initiatives

Steadfast is involved in a number of CSR initiatives; The Steadfast Foundation was set up to facilitate donations to a number of charities that ‘reflect the interests of brokers and staff,’ including Make A Wish, The Salvation Army and the National Breast Cancer Foundation. Its board members review all grant applications and donation requests, applying the five principles of ongoing strategy, partnerships, sustainability, commitment to excellent and leverage potential in its assessments.

It estimates that $1.4 million has been raised by the Foundation since its beginnings in 2011, and Steadfast brokers and partner also attend an annual Steadfast Convention to raise funds for a local charity. In 2017, $220,000 was raised for KidsXpress, a charity dedicated to assisting children impacted by emotional trauma.

Steadfast also operates in a ‘financially sustainable manner’ with a number of policies in place to identify and manage risks to economic sustainability.