Steadfast buys Allied Insurance of NZ

Company News

Steadfast Group Limited (ASX:SDF) has acquired New Zealand based Allied Insurance Group.
The insurance broker didn’t disclose the purchase price but said Allied Insurance generated $159 million of gross premiums in the 2014 financial year.
The company says Allied is the second largest broker network in New Zealand and that it has 31 independently owned members with 40 offices across metro and regional New Zealand.
CEO Robert Kelly says they are pleased to broaden their presence in New Zealand and that its business is very similar to Steadfast’s pre IPO.
Steadfast reported a net profit of $9.7 million in the first half of the 2014 financial year.