Steadfast buys into reinsurance broking business

Company News

Steadfast Group Limited (ASX:SDF) is continuing to ramp up its acquisition spree through the purchase of a stake in a reinsurance broking business. 
 
The insurance broker will buy a 50 per cent equity interest in Steadfast Re Pty Ltd, the former Australian & New Zealand reinsurance broking business of Beach & Associates Ltd. 
 
Managing Director and CEO Robert Kelly says Steadfast Re will be the only Australian-owned reinsurance broker supporting Australian and New Zealand insurers.
 
Mr Kelly also advises Steadfast Re will have the endorsement of Steadfast and an international reinsurer broker Beach & Associates. 
 
Steadfast Re has forecast earnings before interest, tax, depreciation and amortisation (EBITDA) of about $1 million in the current 2015 financial year.
 
Steadfast Group reported a net profit of $9.7 million in the first half of the 2014 financial year.