Steadfast Group has acquired Allied Insurance Group, which is said to be the second largest broker network in New Zealand.
As a result of the deal, Steadfast New Zealand will become a natural acquirer of Allied businesses should the brokers want to sell equity stakes.
Allied has 31 independently-owned members with 40 offices across metro and regional New Zealand. Allied generated A$159m of gross written premiums in FY14.
CEO of Allied Bruce Oughton said: “We are delighted to join the Steadfast Group and benefit from their scale and strength in Australia and New Zealand.
“We also look forward to finding ways to bring the best of both Steadfast and Allied service and product offerings to our clients, via Steadfast New Zealand, and I am happy to continue heading up the new group.”
Robert Kelly, managing director & CEO of Steadfast, said: “We are very pleased to broaden our presence in New Zealand by welcoming Allied to the Steadfast Network. Allied’s business model is very similar to Steadfast’s pre-IPO, and we will ensure their members enjoy the same level of benefits as ours. Through partnering with Steadfast, Allied will be able to offer existing and new brokers expanded services and product offerings as well as succession planning opportunities.”
Steadfast Group Limited acquired IMC Trade Credit Solutions Pty Ltd through its wholly-owned subsidiary National Credit Insurance (Brokers) Pty Ltd in June.
