Steadfast Group enters the Income portfolio

The insurance broker network has met or exceeded guidance since listing and is not exposed to the same volatility as a traditional insurance business.

This week, I am initiating coverage on Steadfast Group Limited (SDF), the largest general insurance broker network and the largest underwriting agency group in Australia and New Zealand. The company was founded in 1996 with an aim of pooling resources between 43 insurance brokers, and listed on the ASX in August 2013 with 279 brokers. The listing raised $334 million and enabled the group to take ownership in 58 broker businesses, four underwriting agencies and two complementary businesses via a combination of cash and shares.

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