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Steadfast is well positioned to take advantage of rising prices through its underwriting agencies division, its leader has said.
Robert Kelly, CEO and managing director of Steadfast, said that as the market continues to turn, the firm will continue its prudent underwriting but will also look to help brokers who may be struggling to place business with other underwriters and insurers.
“Because we have a very disciplined underwriting criteria, of how we go about handling the capital given to us by the people that we act on behalf of, remember we carry no risk in the underwriting agencies, but when the market turns we are absolutely loaded to take advantage of that,” Kelly said, following the firm’s results announcement last week.
“We aren’t writing everything that comes our way, we are still using very prudential underwriting criteria, but we are helping brokers who have been let down in some quarters by their incumbent insurers – as long as it is what we want to do.”
As prices continue to rise, Kelly said he expects increases to continue into the second half of 2018 with property lines of particular note.
“Property and business lines are still strong with liability lagging a little bit behind and seeing some hope on the horizon in professional indemnity,” Kelly continued. “Price increases in biz pack and ISR, professional lines and motor fleet are starting to come through and look sustainable.”
With prices impacting Steadfast profits, Kelly noted that the firm will continue to invest in technology which is aiding network members and increasing its popularity with those outside the network.
“We want to improve our margins by streamlining our back office,” Kelly said. “We want to make sure that we continue to implement our technology solutions, including the success of Steadfast Business Solutions. We are seeing, weekly, our equity brokers coming to us and seeking to see how Steadfast Business Solutions can streamline their back office with great success.
“We are continually asked by people, can we look at your technology solution, can we look at what you deliver if we become part of Steadfast? And I must say the ones who come and look are absolutely impressed and for the most part stick and join the Steadfast Group.”
