NZ broker network aims at expansion

Acquisition

New Zealand’s second largest broker network has its sights set on growth after partnering with an Australian broking behemoth.

Last week Steadfast expanded its presence across the Tasman, joining Allied Insurance Group, a network of more than 30 New Zealand brokers.

Steadfast made its first foray into New Zealand last year, when itpurchased a 30% stake in Rothbury.

Allied CEO Bruce Oughton says Steadfast brings with them the facilities that will allow Allied to expand into various new local markets.

“There is going to be a greater weight when we are talking to our insurer partners to do with policy wordings and coverage,” Oughton says.

“Plus with services Steadfast offer to their members in Australia, a lot of that will be able to be transported to New Zealand so we can gain from those benefits.”

“The products won’t change as far as what we offer here in New Zealand, but there may be some things where we have the size to have certain facilities, whether it be in SME or personal lines markets.

“We will also have access to the Steadfast underwriting agencies so that broadens the market for us.”

Oughton says joining a company with a similar business model was an ideal choice but the idea of becoming a ‘hub’ in New Zealand needs developing.

“I know the hub option is new and is happening in Australia, but it is not something we have looked at closely but it could be developed here.”