Steadfast Profits Grow as Insurers Continue to Lift Premiums

Steadfast Group operates the largest general insurance broker network in Australia and New Zealand. Taking equity interests in insurance broker business, Steadfast has been consolidating the market since its founding in 1996. It has deployed a similar strategy in underwriting agencies. It derives revenue by being paid a commission (from insurers) based on GWP written by agencies within its network, earning a share of profits from associates and joint ventures, and receiving professional services fees. Around half of group EBITA is delivered by the broker network, while the underwriting agencies generate about 45%.