Steadfast Group (SDF) has outlined initiatives to simplify the complicated web of technology that currrently exists across its network of insurance brokers, implementing and internalising a number of new systems. The investor briefing highlighted the company’s investment in its own IT systems and the deployment of new underwriting programs.
First half results beat Credit Suisse estimates. The broker appreciates the fact the business is setting up for sustainable earnings, but growth remains below what can be expected in a positive premium rate environment.
The company has entered a bid implementation agreement with IBNA following the announcement in June. Also, Steadfast Group is seeking expressions of interest to acquire the total rebate from network brokerages in Australasia.
The company hosted an investor briefing focused on its technology strategy. Credit Suisse cannot fault the continuously expanding strategy but does not have the confidence to forecasts bankable earnings from growth opportunities.