Steadfast Group Limited · ASX:SDF
Steadfast — Investor Presentation (March 2025)
56 slides from Steadfast's investor presentation, Mar 25, 2025
Slide 1: ASX cover letter: Investor Presentation
25 March 2025 Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Dear Sir Investor Presentation We refer to our letters of 5 and 24 March 2025. Please find attached slides. A recording of the presentation will be made available on the investor website approximat
Slide 2: Steadfast Convention Investor Briefing
Steadfast Group (ASX:SDF) Steadfast Convention Investor Briefing 25 March 2025
Slide 3: Agenda
8:30 AM Opening Robert Kelly AM 8:35 AM Overview Nigel Fitzgerald 8:45 AM Steadfast Broking Tim Mathieson 9:00 AM Steadfast Underwriting Agencies Mark Senkevics 9:15 AM Subsidiary Performance Rhiannon Toohey 9:30 AM Operations Noelene Palmer 9:45 AM Strata Panel Alistair Gibney, Michael Giansiracusa
Slide 4: Robert Kelly AM
Robert Kelly AM Founder, Managing Director & Chief Executive Officer 3
Slide 5: Nigel Fitzgerald
Nigel Fitzgerald Chief Operating Officer 4
Slide 6: Tim Mathieson
Tim Mathieson joined Steadfast Group in 2015 and has over 25 year’s industry experience, most recently as CEO of QIB Group, one of the largest insurance broking groups in Australasia. He was previously Head of Broker Network at Steadfast and prior to this held several leadership roles with QBE Insur
Slide 7: Steadfast Australasian Broker Networks
Steadfast Australasian Broker Networks Broker office footprint The Steadfast Network is 15 comprised of Insurance Brokers & Authorised Representatives 57 Asia 1,975 broker offices NT 408 Broker offices across QLD Australia, New Zealand and WA Asia SA NSW 516 135 409 Network Brokers 21 105 VIC ACT 17
Slide 8: QIB Group
QIB Group QIB Group Holdings Pty Ltd is an 82.51% owned subsidiary of Steadfast Group Ltd QIB Group Holdings Pty Ltd QIB Services Pty Ltd QIB Corporate Pty Ltd QIB Commercial Pty Ltd QIB Specialty Pty Ltd Employing entity and AFSL holder with focus AFSL holder with focus AFSL holder with focus provi
Slide 9: QIB's acquisition track record
QIB’s acquisition track record Since 2021, QIB Group has acquired 18 businesses, all have grown FY21 FY22 FY23 FY24 Regional Insurance Brokers Pty Ltd Candor Insurance Group Pty Ltd Oceanic Marine Risks Pty Ltd Wide Bay Insurance Brokers Pty Ltd Austcover Pty Ltd Stempel Pty Ltd Poole General Insura
Slide 10: QIB's strong financial performance
QIB’s strong financial performance QIB Group – Revenue & GWP ($m) 500 5 x Gross Written Premium since FY21 400 GWP has increased from $102m in FY21 and has now surpassed $520m on a rolling 12 basis 300 4 x Revenue since FY21 200 Revenue has increased from $22.3m in FY21 and forecast to exceed $85m b
Slide 11: QIB's key achievements since FY21
QIB’s key achievements since FY21 None of us is as good as all of us, joining TOGETHER has enabled us to achieve more ▪ Increased staff numbers from 84 to 297 PEOPLE ▪ Improved employee engagement score (eNPS) from 13 to 35 ▪ Hubbed 5 Brisbane offices into 1 - now occupied by over 100 broking staff
Slide 12: Steadfast Australasian Broker Networks
Steadfast Australasian Broker Networks
Slide 13: The value of insurance broking continues to grow and remains a good investment
The value of insurance broking continues to grow and remains a good investment Strong growth in CAGR across Australian intermediated general insurance and Steadfast network market share 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 - FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Steadfast Network Mark
Slide 14: Steadfast Group Product and Insurer Mix – 1st Half FY25
Steadfast Group Product and Insurer Mix – 1st Half FY25 Base Premium is up ~7% on pcp with a diversified insurer portfolio Rural & Farm QBE Construction & +11.6% + 1% Engineering Business Pack +11.6% +3.2% Other CGU +7.9% +8.8% Statutory Covers Strata +11.6% +5.7% 1H25 Allianz 1H25 Insurer +14.1% Pr
Slide 15: Broker advocacy for clients is driving value to the intermediated insurance market
Broker advocacy for clients is driving value to the intermediated insurance market The Australian intermediated GI market has grown from 44% in FY15 to c.56% in FY24 Insurers have a lot of priorities to balance which increases a broker’s value: Increased prudential Conduct regulation / regulation an
Slide 16: People and Technology will unlock the value
People and Technology will unlock the value Our technology enables a contestable marketplace, generating a market leading competitive advantage with over 7,500 users Steadfast Client Trading Platform Gross Written Premium 1,500 $1,403m 1,400 1,300 $1,171m 1,200 1,100 1,000 $945m 900 800 $793m $788m
Slide 17: Broker Networks are our primary objective
Broker Networks are our primary objective We provide market leading services that enable brokers to deliver superior customer service. This builds trust for Steadfast to become their preferred acquisition partner. Broker earns Brokers pay Steadfast commissions & fees annual membership fee ($) Client
Slide 18: Mark Senkevics
Mark joined in July 2024 and is responsible for Steadfast Group’s MGA strategy, including direct responsibility for our 100% owned Steadfast Underwriting Agencies. He is also responsible for the Alternative Risk Transfer businesses including overseeing Mutual and Captive Management. He leads the und
Slide 19: The rising sophistication of MGAs
The rising sophistication of MGAs Presents an attractive, trusted, efficient way for Insurers to deploy capital into segments they could not nimbly target themselves We are seeing an ongoing rebalancing from Insurers towards MGAs MGA’s share increasing due to serviceability, risk appetite, relations
Slide 20: Profitable growth focus on maintaining underwriting discipline, active retention and targeted new business
Profitable growth focus on maintaining underwriting discipline, active retention and targeted new business The MGA market in Australia is estimated to be $10bn* GWP Network gross written premium 2.5 $2.3b $2.1b If comparing to October 2.0 $1.8b 2023 APRA data, Steadfast Underwriting $1.5b Agencies w
Slide 21: Steadfast Underwriting Agencies Portfolio is highly diversified
Steadfast Underwriting Agencies Portfolio is highly diversified providing good sustainability and growth prospects Personal Strata Commercial Property, Specialist Commercial Specialty Insurances – Marine, Insurance Insurance Liability, Finpro Insurances Insurances Engineering, Cyber, Aviation HNW HO
Slide 22: Premium cycle – Our actions
Premium cycle – Our actions Focus on delivering earnings growth Initiatives & Horizons Description ▪ Focus on retention and new business. Pricing adequacy is strong & focus is on retaining the best risks Portfolio Action ▪ Diverse portfolio of retail and commercial brands immunises against rate mov
Slide 23: Sure Insurance Update from 2024 Investor Day
Sure Insurance Update from 2024 Investor Day Focus on enhancement of product expansion, claims services and technology uplift to futureproof distribution and market access to Sure products 1 2 3 People, Processes Event Finalisation – Growth – & Systems – Jasper and Kirrily - Duality of Organic and C
Slide 24: Building a stronger business to support our broker partners
Building a stronger business to support our broker partners to continue strong organic growth and improve margin Data & Analytics/ Carrier Maximise Actuarial Analysis Relationships Value Working with the OneData Building deeper Utilising HWS Specialty team to continuously improve relationships with
Slide 25: Rhiannon Toohey
Rhiannon Toohey was appointed as Head of Subsidiary Performance in April 2024. Rhiannon has worked for Steadfast Group for 6 years, with extensive experience across Steadfast Group Finance and Operations & Acquisitions. During her time at Steadfast, Rhiannon has built longstanding relationships with
Slide 26: A strong focus on margin optimisation and Subsidiary performance
A strong focus on margin optimisation and Subsidiary performance As we continue to grow our unique owner operator decentralised model, we are integrating more capabilities to apply our rich insights and best practices across our Network JUNE 2024 MARCH 2025 ▪ Appointed - Head of Subsidiary ▪ Establi
Slide 27: Strategic integration of Network Insurance Group and Insurance House
Strategic integration of Network Insurance Group and Insurance House Unique opportunity presented by the respective CEOs of Network Insurance Group and Insurance House Subsidiary Performance Stewardship Expected Outcomes Combined Strength Collaborative Culture Integration opportunity developed by $1
Slide 28: Steadfast's Decentralised Model
Steadfast’s Decentralised Model Our commitment is to be stewards to small, medium and large businesses Subsidiary Performance & Operations Operating best practices Operational Shared amongst operating frameworks equity businesses Subsidiary Performance & Operational Excellence “Build once and share”
Slide 29: Continued focus on margin improvement initiatives
Continued focus on margin improvement initiatives aligned to a decentralised organisation IDENTIFIED AREAS OF KEY FOCUS AREAS OPPORTUNITY ▪ Revenue v expense sustainability Ongoing review and analysis of Group Balancing sustainable revenue and and Subsidiary EBITA margins and expense growth, to driv
Slide 30: Noelene Palmer
Noelene Palmer joined Steadfast Group in July 2024 as the EGM Operations. Noelene has worked in in financial services for almost 25 years in Australia, London and Hong Kong. This included working across the insurance ecosystem for the first 18 years of her career, including in general insurance, lif
Slide 31: Operations Vision
Operations Vision Delivered through specialist execution-focussed capability DELIVERY CAPABILITY Committed to Driving Value for Steadfast, as specialists in operational ▪ Strategy Execution management and frameworks, with a focus on Supporting Growth, ▪ Project Management Office Reducing Risk and ▪
Slide 32: Maximise the strength of Steadfast: Group Strategy 2025-2027
Maximise the strength of Steadfast: Steadfast Group Strategy 2025-2027 OUR VISION OUR MISSION OUR PURPOSE OUR VALUES Continually growing Shareholder Deliver valued and differentiated Together we strengthen the future value by running market-leading service to our customers and of our people, busines
Slide 33: People
People Strengthening CEO Direct Reports Upgraded People Strategy to attract and retain performance driven capability Reward & Establish Maintain a Grow Our Wellbeing is Recognition Brilliant Basics Winning Culture People our Priority for Performance The strength of Build capabilities Remuneration Es
Slide 34: Technology
Technology Strengthening CEO Direct Reports Continued focus on our technology competitive advantage Insurtech Enterprise IT Artificial Intelligence David Gillespie Chief Technology Officer Steadfast Group Data and Analytics 33 Copyright © 2025
Slide 35: Strata Status
Strata Status Review complete, comfort on governance, focus on embedding Operating Expectations From 1H25 Results 34 Copyright © 2025
Slide 36: Strata Panel
Strata Panel Alistair Gibney Michael Giansiracusa Kimberley Jonsson Managing Director – Chief Executive Officer – Chief Executive Officer – BCB Strata Insurance Brokers Whitbread Insurance Brokers CHU Underwriting Agencies 35 Copyright © 2025
Slide 37: Q&A
Q&A 36 OS oOo & eS oS5 GS-6 gS CD “HCY CORED i <> Steadfast THE STRENGTF YOU NEED
Slide 38: Samantha Hollman and Nick McKee
Samantha Hollman Nick McKee Chief Executive Officer – International Chief Operating Officer – International Samantha has 30 years' experience in the insurance Nick joined Steadfast Group in October 2023 as Chief industry including 25 years at Steadfast. She was COO Operating Officer, International.
Slide 39: International Expansion Strategy
International Expansion Strategy International team Samantha Hollman Nick McKee Eimear McKeever CEO International COO International CFO International Dan McCarthy Steve Rudduck CEO - ISU Steadfast CEO - HWS Specialty 38 Copyright © 2025
Slide 40: Steadfast Group
Steadfast Group More than 645 network brokers globally with ~AU$25b¹ premium (excluding UnisonSteadfast) UK Singapore Australia ▪ Broker Network ▪ Broker Network USA ▪ MGAs ▪ MGAs ▪ Specialist Wholesale Broker ▪ Equity in brokers ▪ Complementary Businesses ▪ Agency Network ▪ Equity in brokers German
Slide 41: Steadfast International Businesses: Financial and operational highlights
Steadfast International Businesses Financial and operational highlights Financial highlights – 1H25 Operational highlights • ISU Steadfast • ISU Steadfast performed ahead of expectations in 1H25 ⁻ 27 new agents joined CY24; network members now 235 • Strong revenue growth, with profit sharing growth
Slide 42: Steadfast International Businesses: Strategic growth opportunity
Steadfast International Businesses Strategic growth opportunity International Growth Opportunity ISU Steadfast Network + UnisonSteadfast Network + Acquisition opportunities + London Wholesale Broker – HWS Specialty + MGA expansion + Binder management 41 Copyright © 2025
Slide 43: ISU Steadfast
ISU Steadfast United States In October 2023, Steadfast acquired 100% of ISU Group, a leading independent agency network. Rebranded to ISU Steadfast in August 2024. Snapshot • 46 employees Network Members • 235 members located across • Average annual revenue: US$3m 40 states • Licenced in all 50 stat
Slide 44: Priority Focus Areas
Priority Focus Areas ISU Steadfast Network NETWORK AGENCY GROWTH PERPETUATION MARKET ACCESS & TECHNOLOGY ISU Steadfast CONSOLIDATION SOLUTIONS & DATA Network INCREASE CARRIER CONSOLIDATION 43 Copyright © 2025
Slide 45: HWS Specialty
HWS Specialty London In December 2024, Steadfast acquired 100% of H.W. Wood, a specialist wholesale broker. Snapshot Why? • 100 employees • Significantly expand our London market scale and capabilities • Head office in London with • Provide London market access to Steadfast network brokers satellite
Slide 46: Priority Focus Areas
Priority Focus Areas HWS Specialty - key focus areas over the next 12 months 1 3 2 Develop Build out distribution Property and strategy, Casualty teams including network Establish delegated engagement underwriting capabilities to support Steadfast binders and other opportunities 45 Copyright © 2025
Slide 47: Summary of International Opportunity
Summary of International Opportunity A long runway of future growth opportunities 1. Build compelling network offering for independent agencies in US to attract and retain members 2. Support our networks globally with London market access and specialty product development 3. Develop our talent and c
Slide 48: Daniel McCarthy
Daniel serves as the Chief Executive Officer of ISU Steadfast Insurance Agency Network, where he brings over 37 years of experience in the insurance and financial services sectors. Dan is recognised for his strategic leadership and his ability to drive innovation within the industry, particularly th
Slide 49: Steven Rudduck
Steve began his insurance career in 1986 at Tyser & Co before joining H W Wood in 1999 to develop the Marine team into what became the flagship of the business. During his 25-year tenure, Steve was appointed Managing Director in 2014 and latterly Co-CEO of the HWI BV Group. Following the transaction
Slide 50: Robert Kelly AM
Robert Kelly AM Founder, Managing Director & Chief Executive Officer 49
Slide 51: Executive bench strength
Executive bench strength (effective 1 July 2025) Robert Kelly Founder, Managing Director & Chief Executive Officer Stephen Humphrys Noelene Palmer Tim Mathieson Mark Senkevics Samantha Hollman David Gillespie Duncan Ramsay Ferzana Yale Chief Executive Officer - EGM – UW Agencies, Chief Executive Off
Slide 52: Delivering on IPO strategy of organic and acquisition growth
Delivering on IPO strategy of organic and acquisition growth Steadfast remains well positioned to continue delivering sustainable growth 1. Organic growth strategies being implemented, regardless of premium cycle 2. Trapped Capital acquisition pipeline is robust 3. Solid International base to build
Slide 53: Q&A
Q&A 52 OS oOo & eS oS5 GS-6 gS CD “HCY CORED i <> Steadfast THE STRENGTF YOU NEED
Slide 54: Important notice
Important notice This presentation has been prepared by Steadfast Group Limited (“Steadfast”). This presentation contains information in summary form which is current as at 25 March 2025. This presentation is not a recommendation or advice in relation to Steadfast or any product or service offered b
Slide 55: Thank you
Thank you <> Steadfast THE STRENGTF YOU NEED
Slide 56: The Marketplace is located on Ground Floor in Exhibition Bays 11-14
The Marketplace is located on Ground Floor in Exhibition Bays 11-14 You are here Marketplace 55