STEADFAST GROUP LIMITED — Investor Presentation 2015

Jun 16, 2015

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17 June 2015

Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

INVESTOR DAY PRESENTATION

Please see attached the Investor Day slides being presented today in Melbourne and in Sydney on Friday 19 June.

Yours faithfully

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Linda Ellis

Group Company Secretary & General Counsel

Steadfast Group Limited ABN: 98 073 659 677 ACN: 073 659 677 Level 3, 99 Bathurst Street, Sydney NSW 2000 t 02 9495 6500 f 02 9495 6565 www.steadfast.com.au

STRENGTH WHEN YOU NEED IT

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Steadfast, the Steadfast logos, Strength when you need it, None of us is as good as all of us, SVU and Steadfast Virtual Underwriter are registered trademarks of Steadfast Group Limited in Australia and other countries.

Important notice

This presentation has been prepared by Steadfast Group Limited (“Steadfast”).

This presentation contains general information in summary form which is current as at 17 June 2015. This presentation is not a recommendation or advice in relation to Steadfast or any product or service offered by Steadfast or its subsidiaries. It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). It should be read in conjunction with Steadfast’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange, ASX Limited, and in particular the Steadfast 2014 Annual Report and the 31 December 2014 half year financial report. These disclosures are also available on Steadfast’s website at investor.steadfast.com.au.

No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation. To the maximum extent permitted by law, Steadfast, its subsidiaries and their respective directors, officers, employees and agents disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of Steadfast, including the merits and risks involved. Investors should consult with their own professional advisors in connection with any acquisition of securities.

The information in this presentation remains subject to change without notice. No person is under any obligation to provide any recipient of this presentation with any access to any additional information or to notify any recipient or any other person of any other matter arising or coming to its notice after the date of this presentation.

The information in this presentation is for general information only. To the extent that certain statements contained in this presentation may constitute “forwardlooking statements” or statements about “future matters”, the information reflects Steadfast’s intent, belief or expectations at the date of this presentation. Steadfast gives no undertaking to update this information over time (subject to legal or regulatory requirements). Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside Steadfast’s control and may cause Steadfast’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Neither Steadfast, nor any other person, gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. In addition, please note that past performance is no guarantee or indication of future performance. Possible factors that could cause our results or performance to differ materially from those expressed in our forward looking statements include the risk factors set out on pages 30-32 of Steadfast 2014 Annual Report.

This presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Steadfast.

Local currencies have been used where possible. Prevailing current exchange rates have been used to convert local currency amounts into Australian dollars, where appropriate. All references starting with “FY” refer to the financial year ended 30 June. For example, “FY15” refers to the year ended 30 June 2015. All references starting with “1H FY” refer to the financial half year ended 31 December. For example, “1H FY15” refers to the half year ended 31 December 2014.

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Robert Kelly, Managing Director & CEO

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Who we are

LARGEST GENERAL INSURANCE INTERMEDIARY IN AUSTRALASIA[1]

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747
offices across
Australia,
New Zealand
& Singapore
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• Service provider

1 Singaporegaporeaporeporeore

• 306 broker businesses

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New Zealand
Singaporegaporeaporeporeore
& Singapore
5
Northern 152
Territory
Queensland
76
Western 48 56
Australia
South 192 North
Australia Island
New South
Wales
11
174 Canberra 14
Victoria 18 South Island
Tasmania
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• 22 underwriting agencies

• Equity participation

• 56 broker businesses

• 22 underwriting agencies

• life broker

• reinsurance broker

• back office service provider

• leading insurance legal practice

• leading back office IT company

• Macquarie Pacific Funding

• Greenfield projects

• Marine transit u/w agency

• Emerging risks u/w agency

• Offshoring

Note: 1. Measured by annual premiums placed (26% market share on a pro-forma basis in 2014); Source: Steadfast and APRA Intermediated General Insurance Statistics, December 2014

4

Business strategy

• Grow shareholder value

• Continue to enhance the services we provide to the Steadfast Network

• Build and develop strategic relationships with insurers and other parties

• • Deliver synergies from our acquisitions made to date

• Grow from acquisitions

• Cross-sell existing and new products and services within the Steadfast Network

• Build on our existing underwriting agencies

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Our DNA

• Helplines: legal, technical, HR, IR, contractual liability

• Technical service team

• Triage process

• Best-in-class policies

• Internal legal expertise

• Model broker programme

• Training

We help one another. “None of us is as good as all of us.”

• Open market choice

• Non restrictive panel providers

• Town Hall meetings

• Annual Steadfast Convention

• Ethics, efficacy and honesty

• We come from the “HOOD”

• Cultural and gender diversity

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Partners & Broker Services Nick Cook, Executive General Manager

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Partners & Broker Services team

• Team

• Executive General Manager

• Broker Services Manager

• Group Technical Manager

• Broking Technical Manager

• We are people from the “HOOD” that link Steadfast Group, Strategic Partners and the Steadfast Network

• KPIs

• Continuing building and enhancing distribution relationships with insurer partners and broader network

• Achieving market best practice in policy wordings, service levels and remuneration structure

8

Deliverables

Structured approach

Differentiated propositions

Maximum participation

Improved engagement

Remuneration linked

BUILD

Competitive Advantage

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Guiding principles

CUSTOMER BROKER INSURER Service Coverage Scale Coverage Security Transaction efficiency Security Ease of transaction Predictability Peace of mind Remuneration Profitability Training & compliance

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The Opportunity

SCALE	DIVERSIFICATION	GROWTH
$4.1b GWP in FY14	Largest insurer accounts for ~17%	Steadfast GWP growth above industry average of 3%
$900m in business insurance	Steadfast members deal with 200+ insurance providers	New members
Steadfast members access 200+ broker services	Access to 22 Steadfast Underwriting Agencies	M&A fee on expanded product line
Steadfast Convention – largest insurance networking event in Australasia	Partnerships with 3 premium funders including Macquarie Pacific Funding	Steadfast Direct (personal home & motor)

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Roadmap

We are at our best when we are STRONGER TOGETHER

PLANNED APPROACH

IDENTIFY GROWTH AREAS

OPT IN DEVELOP CHOICE OPPORTUNITIES MODEL

Steadfast is RECOGNISED

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Business Development Adrian Humphreys, Executive General Manager

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Business Development

• New person / new role / old experience

• Team

• Executive General Manager

• Broker Development Manager 1

• Broker Development Manager 2

• Broker Collateral Marketing Manager

• Working closely with the Steadfast Network

• Goal – evaluate / assist / implement process for organic growth

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Deliverables

Organic growth initiatives via the 3 Ps and new & existing clients simultaneously

• PEOPLE PRODUCT PROCESS

• • • • Identify people Establish product pipeline Business planning

• • • Sales upskilling Pipeline management

• • • Structure & reward Celebrate success EXISTING CROSS SELLING NEW CLIENTS

• • • • Segmentation Product marketing Business planning

• • • • Service reviews Product training Lead generation

• • • • Net promotor scores Fees justification Proposal templates

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Roadmap

Ensure best practice initiatives are successful before full roll out

RESEARCH

Met with over 100 brokers & gathered feedback

BEST PRACTICE

Brokers best source, formalise and utilise

PILOT & PLANNING ASSESS Work stream, Choose brokers, time frames, detail plans & resources & monitor ROI budget

PLANNING

ROLL OUT

Constant communications, make available to entire network

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Strategic projects, Marketing & HR Samantha Hollman, Executive General Manager Projects, Brand, People

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Strategic Projects

• Work directly with Managing Director & CEO to implement strategies for the Group

• Two current project examples:

1. Life insurance with Steadfast Life and MetLife

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2. Steadfast Asia

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Steadfast Life / MetLife

Steadfast Life

• Provides Steadfast Network with a vehicle to offer life insurance products and services to their client base

• Sit on the Board of Steadfast Life

Partnership with MetLife

• One of the world’s largest providers of life insurance

• Produced co-branded exclusive suite of tailored corporate life products

• Seeking a leadership position in the market of SME group life insurance in Australia

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Steadfast Asia

Explore and develop opportunities in Asia

• Establish Steadfast Asia broker network to service Australasian brokers in Asia

• Explore / evaluate / implement cluster network within Asia

• Consider equity positions in appropriate brokers within Asia

• Explore portability of our underwriting agencies, reinsurance broker and life broker into Asian market

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20

Human Resources Strategy

Vision

To have a culture of excellence that drives business performance and is a strategic differentiator.

Mission

Create a highly engaged workforce that delivers compelling customer experiences every time.

Values

Our values are more than just guidelines on how we interact with each other today, they are aligned with where the business is going.

500+ staff 8 businesses 11 locations

HR team of 8 to manage Group and Steadfast entities

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HR Strategic Pillars

Three Strategic Pillars: One HR, One Experience, One Culture

ONE HR Integrate HR in Head Office businesses	ONE Experience Create the best company people have worked for	ONE Culture Ensure the customer is at the heart of what we do
• Cost reductions achieved through people and system synergies • Increased control on people related matters • Visibility of and access to increased talent pool • Cultural shift towards ‘One Steadfast’	• Improved business performance • Easily attract top talent • Employees providing greater discretionary effort	• Nil loss of brokers due to service issues • Attract brokers to our network • Consistently high levels of customer service displayed everyday • Our customer experience is a strategic differentiator

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Human Resources

• Develop a culture of excellence that drives business performance

• Attract and retain quality people to deliver on strategy

• Engage workforce to deliver improved business performance

• Succession Planning for organisation stability and sustainability

• Group

• Equity investments

A company’s ability to execute its strategy depends on having great talent , fully engaged and behaving in the right way.

• Board / ASX / Acquisition HR due diligence

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How HR adds value

• Work performed by HR is strategic in nature and creates a structure that allows the business to succeed

• Intimate knowledge of the business’s strategy and the existing capabilities of the organization

• Organisations can lift performance by focusing on people. Failing to do so will leave the organisation exposed

HR builds organizational capability to execute business strategy

• Strategy is executed by people!

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Marketing

• Marketing for:

• Steadfast Group

• Broker Network

• Steadfast Underwriting Agencies

• Foundation

• B2B + B2C

• Team of 7 people

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Brand Strategy

• Expand brand awareness to grow Network Broker business and in turn shareholder value

• Develop and promote the 22 separate brands under Steadfast Underwriting Agencies

• Broker co-branding

• Support the community through Steadfast Foundation

Brand strategy brings your competitive positioning to life

• Create brand equity

• Protect brand to remain reputable and strong

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FEAR LESS Campaign

National Campaign, January 2015 – June 2015

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TV (Foxtel & SBS)

Billboards Digital Marketing

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Sponsorships

Nissan Motorsport

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Brisbane Roar

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Broker Collateral

Steadfast Corporate Video

Key message About here Steadfast Booklet

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Animation Video for Broker Websites

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Website

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Brand is more than your logo, name or slogan – it’s the entire experience customers have with your company.

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Steadfast Direct & New Zealand Allan Reynolds, EGM Direct & New Zealand

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Steadfast Direct

November 2014	Announced new line of retail insurance products – Steadfast Direct First two product offerings – home and motor
April 2015	Allan Reynolds appointed EGM Direct & New Zealand
End of April 2015	Steadfast Direct home and motor started piloting with six brokers
June 2015	Pilot expanded to 15 brokers, feedback extremely encouraging
July 2015	Expected rollout to Steadfast Broker Network

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Rationale

• Protect SME Clients

• “Take back the farm”

• Competitively priced retail product offering

• Grow revenue for Steadfast (M&A) and brokers

• Targeting retail product offerings sold by Steadfast Network (annual GWP of $350m or 9% of total) but more importantly new business

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Behind the scenes

• IT platform developed to sell Steadfast Direct online initially through the brokers and later directly to clients

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• Exclusive to Steadfast Network

• End to end solution (from quote to policy)

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Roll out of Steadfast Direct

1. Steadfast Network Brokers

2. Direct to customers through the SVU platform

3. White labelling / affinity

4. New Zealand

5. New product offerings

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Steadfast New Zealand

History

April 2013	Acquired equity interest in Rothbury – top 5 broker in NZ acquired 17.9% in April 2013 and a further 12.2% in August 2013
July 2014	Acquired Allied Insurance Group – 2nd largest GI network in NZ
October 2014	Allied rebranded Steadfast
April 2015	Acquired IC Frith New Zealand
April 2015	Allan Reynolds appointed EGM Direct & New Zealand

Size

• 34 brokerages, 70 offices and annual GWP of ~$300m

• 10% intermediated market share

Structure

• Bruce Oughton, CEO NZ since April 2007 plus EGM – NZ, Technical Manager and Administrative Assistant

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Strategy

• New Zealand-ise Steadfast Australia platform

• Remain a leading market player through organic growth

• Create cross sell opportunities for Steadfast Underwriting Agencies

• Convert accretive acquisition opportunities

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Strategic initiatives

• Implemented Marketing & Administration (M&A) fee model

• Strategic partners aligned to Steadfast

• Two additional brokers have joined Network since Allied was purchased in July 2014

Strong progress made over 12 months

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Finance Stephen Humphrys, Chief Financial Officer

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Finance team

• Team of 13 including:

• CFO

• Group Financial Controller

• CFO – Steadfast Underwriting Agencies

• Senior Analyst

• Chief Risk Officer

• Investor Relations Manager

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Data collation

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Data collation

• Scalable

• No business disruption – new acquisitions feed into existing infrastructure

• Monthly data collection – full trial balance of each entity, GWP data

• Semi annual collection – GWP data from non-owned Network Brokers

• Full analysis capability to undertake monthly review and identify key trends of actual performance against prior year, budget and forecasts

• Global flexibility – offshoring enabled

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Benchmarking

• Financial data from all network brokers

• Data is normalised to compare like for like

• Brokers receive a pack which highlights their performance on various metrics, and compared their performance against the following categories:

Average profit margin xx.x%

Average F&C as % of Base Premium xx.x%

• Size band

• Group as a whole

• State

• Metro or Regional-based

• Comparison to prior periods to identify trends for each broker and for all users to further understand industry thematics

Average Revenue per Principal & AM’s $xxxk

Average Profit per Principal & AM’s $xxxk

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Example of benchmarking (not real data)

Revenue per Principal & Account Managers FY13-FY14

Employee Costs as % of Revenue FY13-FY14

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500
400
300
200
100
0
Your Average Size Band Group Average State Average Metro Average
FY13-FY14 Average FY13- FY13-FY14 FY13-FY14 FY13-FY14
FY14
$’000’s
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47.0%
46.0%
45.0%
44.0%
43.0%
42.0%
41.0%
40.0%
Your Average Size Band Group State Average Metro Average
FY13-FY14 Average FY13-Average FY13- FY13-FY14 FY13-FY14
FY14 FY14
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Profit per Principal & Account Managers FY13-FY14

Profit margin FY13-FY14

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140
120
100
80
60
40
20
0
Your Average Size Band Group Average State Average Metro Average
FY13-FY14 Average FY13- FY13-FY14 FY13-FY14 FY13-FY14
FY14
$’000’s
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35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
Your Average Size Band Group State Average Metro Average
FY13-FY14 Average FY13-Average FY13- FY13-FY14 FY13-FY14
FY14 FY14
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Risk analysis

• Risk Heat Map reviewed continuously and all key risk areas monitored by CRO

• Internal audit review of all entities on rolling cycle

• Broad coverage – financial, operational and governance issues

• Complements monthly analytics

• Complements annual external audit procedures

• Includes AFSL compliance measures in each licensee

• Identifies “best practice” and “process improvements” measures to create further synergies or strengthen back office across all businesses

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Operations and Acquisitions Dana Williams, Chief Operating Officer

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Operations and Acquisitions team

• Team of six, including two working directly with brokers

• Focus on:

Acquisitions

Source and perform diligence on potential acquisitions both inside and outside the network

Transitions

Transition the new entities into the SDF operating company

Mergers & Hubs

Support mergers and hubs within our current entities which drives operational improvement

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12 acquisitions since IPO

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Underwriting Agencies Brokers
(rebranded Steadfast)
Complimentary businesses
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11 bolt-ons since IPO

Steadfast Network Broker	Bolt-on
Centrewest	Logiudice
Finn Foster	Mooneys Insurance Brokers
Regional Insurance Brokers	AIS Insurance – Brisbane Ausure Brisbane Les Wigginton
Brecknock Insurance Brokers	VFP Insurance Brokers
McLardy McShane	McIntyre King
Rothbury	Wilkinson Insurance Brokers
NCIB	IMC Trade Credit Solutions
Melbourne Insurance Brokers	C. & M. Hammond

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Disciplined process and criteria

1. Meet with potential partners to evaluate cultural and strategic fit

2. Discuss the Principal’s vision, motivations to sell and timing

3. Can Steadfast as a partner add value to the business?

4. Can we merge with an existing entity/become a Corporate AR?

  **5.** Analyse the financials and propose a non-binding valuation

     **6.** Perform due diligence incl. financial, legal & tax

        **7.** Close the deal

8.

Transition the business into the family

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Not afraid to walk away

We view numerous deals that do not complete with the primary reasons being:

1. Culturally incompatible

2. Vendor expectations too high

3. Not part of our core business

4. Endless negotiation and deal fatigue

5. Margins too low

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Mergers and Hubs

• Hubs established in six states

• 25 entities merged into 8 platforms

• On track to deliver 7% EBITA margin improvement for Hubs by FY17

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Brisbane
3 into 1 hub
64% owned
Perth Adelaide
Sydney
3 brokers into 1 5 into 2 hubs
6 into 2 hubs
67% owned 71% owned
60% owned
100% owned
100% owned
Melbourne
5 into 1 hub
83% owned
Tasmania
3 into 1 hub
71% owned
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Note: Ownership date effective as at 1 June 2015.

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Centralisation and offshoring - Peter Roberts, EGM Integration Synergies

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Centralised functions

RATIONALE

• Centralised functions, create scale and EFFICIENCY

POTENTIAL

• 306 broker businesses

• 22 underwriting agencies

• Offshore markets = HIGH QUALITY CANDIDATES at a reasonable cost

• Expand services to brokers = efficiency gain and COST CONTAINMENT

• Ancillary businesses

• All with common reporting needs

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Moving offshore

VIETNAM

• Finance, marketing, and IT

• Partnering with an established 3[rd] party who are providing infrastructure and basic HR oversight for our dedicated employees

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PHILIPPINES

• Transactional claims handling

• Global Shared Services Centre of QBE

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How?

AREAS OF EXPERTISE

• –

• Finance accounts payable, reconciliations and management accounts preparation

• –

• Marketing graphic design, websites, promotional material, printing

• IT – software developers (supervised by Steadfast Technologies)

• –

• Claims Transactional Claims Processing

OUR APPROACH

• Transfer of functions controlled and progressive

• Well documented and standardised processes

• Interaction with group entities remains with local team

• Data and systems remain in Australia / in the cloud

• Oversight of offshore staff managed locally

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Timing of benefits

• Offshore roles are a small part of our current operations

• Implementation underway in 2015 calendar year

• Benefits won’t be realised until FY17

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Steadfast Underwriting Agencies Simon Lightbody, Chief Executive Officer

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Our business today

Steadfast Underwriting Agencies Holdings

100% Owned 50-99% Owned <50% Owned Agencies Agencies Agencies Interruption Accident & Health CAIP Income Emergence Insurance Underwriting Agencies Protection Protection (70%) (25%) (IUA) MECON Insurance Sterling Insurance ARGIS Insurance Mansions of Australia (76%) (39.5%) Miramar Underwriting NM Insurance Calliden Home Agency (70%) Procover Underwriting Protecsure CHU Strata Insurance Agency (90%) Dawes Motor Steadfast Placement QUS Insurance Solutions (45%) Home Builders Underwriting Agencies Sports Underwriting No. of agencies 22 Insurance Agency of Australia (UAA) Australia (80%) Pro-forma annual GWP $765m Hostsure Underwriting Winsure Underwriting Agency

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SUA growth

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22 agencies

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Residential and Mobile plant and Strong focus on commercial strata equipment SME insurance programs

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Hard-to-place and Marine and Building and complex risks including motorcycle construction industry environmental liability

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Specialised equipment, Community care, Professionals including Sports and leisure related businesses tradesmen & small business entertainment & engineers, architects and and marine transit hospitality, and security doctors

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Hospitality, leisure and entertainment sector

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Hard-to-place risks, Home and contents for exclusive to Steadfast NSW Builders warranty owner occupied homes Network Brokers

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Stand alone cash flow Specialist/exotic motorcar insurance focus on SME and motorcycle

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Complete farm package Personal accident and sickness, and travel

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High value homes

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Property insurance

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Income protection

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Emerging risks

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SUA structure

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ASX Board
SUAH Board
Simon Lightbody
CEO
HR Legal Finance Compliance
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Agency strategy

• Consistent Acquisition Process

• M&A Team working with Underwriting Team

• Efficient Transition to Steadfast

• Strong Operational Team

• Developing Strong Core Values

• Believe in Brand Strength

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SUA website & app

www.steadfastagencies.com.au

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Robert Kelly, Managing Director & CEO

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Business strategy

• Grow shareholder value	All
• Continue to enhance the services we provide to the Steadfast Network	Nick, Adrian, Sam, Allan, Stephen, Simon
• Build and develop strategic relationships with insurers and other parties	Nick, Adrian, Allan
• Deliver synergies from our acquisitions made to date	Dana, Peter, Stephen
• Grow from acquisitions	Dana, Simon
• Cross-sell existing and new products and services within the Steadfast Network	Adrian, Sam, Simon
• Build on our existing underwriting agencies	Simon
• Expand Macquarie Pacific Funding / Steadfast Re / Meridian Lawyers	All
• Roll out IT systems	Steadfast Technologies

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Questions

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Executive Management bios

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Executive Management Team

Robert Kelly, Managing Director & Chief Executive Officer

Robert co-founded Steadfast and has over 45 years’ experience in the insurance industry. He was named equal first Most Influential Person in Insurance by Insurance News in 2015 and awarded the ACORD Rainmaker Award in 2014, a special honour presented to organizations and individuals that have shown outstanding achievements in the advancement of standards for the insurance industry. Robert is a Qualified Practicing Insurance Broker, a Fellow of NIBA, a Senior Associate Certified Insurance Professional and holds a Diploma in Financial Services and in Occupational Health and Safety, and a Graduate Diploma in Australian Risk Management.

Linda Ellis, Group Company Secretary & General Counsel

Linda joined Steadfast in 2013 and works closely with the Board as Company Secretary and oversees and identifies the legal issues of the Group. She is a lawyer with over 15 years’ experience at international law firms including Mallesons Stephen Jaques (now King & Wood Mallesons), Atanaskovic Hartnell and Clifford Chance. Linda has diverse experience in corporate and commercial law, including mergers and acquisitions, capital markets and corporate governance. She is admitted to practice as a solicitor of the Supreme Court of NSW.

Samantha Hollman, Executive General Manager – Projects, Brand, People

Sam joined Steadfast in 2000 and has more than 20 years’ experience in the insurance industry. She has held key roles in broker services, project management, and marketing & communications. Sam works closely with the Managing Director & CEO, implementing strategic initiatives for the Group, including marketing trips overseas to review these projects on an international level. She also oversees Human Resources and Marketing for the Group.

Stephen Humphrys, Chief Financial Officer

Stephen joined Steadfast in 2013 but had previous experience working with Steadfast as Managing Director of Moore Stephens Sydney. He has over 25 years’ experience as a Chartered Accountant and extensive experience in acquisitions and integrations. As Managing Director of Moore Stephens Sydney for 10 years and Chairman of Moore Stephens Australasia for three, Stephen played a key role in placing Moore Stephens into the top 10 accounting firms in Australia. Stephen is a Fellow of the Institute of Chartered Accountants and a registered tax agent.

Allan Reynolds, Executive General Manager – Direct & New Zealand

Allan joined Steadfast in 2002 and in April 2015 took on the Direct and New Zealand portfolios. Previous to that Allan oversaw broker products and services, strategic partner relationships, and equity brokers. With a background in product development and distribution, corporate strategy and portfolio management, Allan has more than 40 years of industry experience in general insurance. He holds a Diploma of Business Studies (Insurance), is a Certified Insurance Professional and is a Fellow, honorary member and was recently appointed a Board member of ANZIIF.

Peter Roberts, Executive General Manager - Integration Synergies

Peter joined Steadfast in 2013 and is establishing and developing centralised back office services within the Group. Peter has been Managing Director of White Outsourcing since it formed in 2005. He is also company secretary of three listed investment companies and Macquarie Pacific Funding. Peter commenced his career in accounting with KPMG, is a member of Institute of Chartered Accountants and has over 25 years’ experience in accounting and back office services to the financial services sector.

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Executive Management Team

Dana Williams, Chief Operating Officer

Dana joined Steadfast in January 2014 and was promoted to COO in June 2014. Her focus is on working with Steadfast equity brokers to improve their operations, as well as acquisitions including due diligence and integration. Dana has 25 years’ business experience, including 15 in brokerage, insurance, reinsurance and underwriting agencies. She has held senior roles at Hub International and Marsh, holds a Bachelor of Engineering and an MBA, and is a Certified Public Accountant.

JOINING THE EXECUTIVE MANAGEMENT TEAM EFFECTIVE 1 JULY 2015

Nick Cook, Executive General Manager – Partner & Broker Services

Nick joined Steadfast in February 2015 to focus on developing and building relationships with Strategic Partners including insurance companies, and enhancing services provided to Steadfast Network Brokers. Nick has over 25 years’ experience at Zurich Financial Services including three as the Head of Customer & Proposition Development (where he was responsible for the development of Zurich products & propositions in the marketplace) and nine years as a distribution manager. He has an Associate ANZIFF membership and has graduated from both the AGSM Leadership Program and the Prosci Organisational Change Management Program.

Adrian Humphreys, Executive General Manager – Business Development

Adrian joined Steadfast in January 2015 focusing on driving and supporting organic growth across Steadfast Network Brokers. Adrian was previously Managing Director of Lloyd’s Australia where he grew the business by 84% from $1.1 billion to over $2 billion in under five years whilst increasing the number of agencies. He has over 10 years’ experience in the insurance industry, working for both Lloyd’s of London and Aon UK. Prior to insurance, Adrian worked at KPMG Financial Services.

Duncan Ramsay, Senior Corporate Lawyer

Duncan joined Steadfast in June 2014 and focuses on the legal aspects of acquisitions and operations. His previous role was General Counsel and Company Secretary at QBE Insurance Group where he worked for over 20 years. He was also a director or company secretary of a number of QBE controlled entities and acted as the chairman of the policy committee and a trustee respectively of QBE sponsored superannuation plans in Australia and New Zealand. Duncan’s legal career commenced in 1986 with Freehills (now Herbert Smith Freehills), where he specialised in general commercial work and litigation.

STEADFAST UNDERWRITING AGENCIES

Simon Lightbody, CEO of Steadfast Underwriting Agencies

Simon became CEO of Steadfast Underwriting Agencies in April 2015 and has been part of Steadfast for over 10 years. Simon has worked in the insurance industry for 25 years in both the UK (as an underwriter at Lloyd's of London) and Australia, including nine years within his own business, Miramar Underwriting Agency (Miramar). Steadfast entered into the underwriting agency market in 2005 as a 50% joint venture partner of Miramar and as part of the IPO acquired the remaining balance.

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