Steadfast Group

What Steadfast Group does

Steadfast Group Limited (ASX: SDF) is the largest general insurance broker network and largest underwriting agency group in Australasia, founded in 1996 and headquartered in Sydney. The company operates a federated broker model: 414 independent general insurance brokerages across Australasia place approximately AU$12.7 billion in gross written premium annually on behalf of SME and individual clients, supported by Steadfast's exclusive technology, preferential insurer access, and shared back-office services. Steadfast's underwriting agencies division operates 31 agencies offering 100 specialist insurance products in niche market segments, while complementary businesses (IQumulate premium funding, Meridian Lawyers, GoldSeal, Steadfast Risk Group, Steadfast Life) provide cross-sold services to the network.

The core technology stack centres on Steadfast Apps, a proprietary insurtech platform launched in 2024 that unifies the Steadfast Client Trading Platform (SCTP) — a multi-insurer quote, bind and renewal engine with 9 insurer lines and 23 underwriting partners live — with INSIGHT cloud-based policy management, CRM, document management, and workflow automation. Revenue is generated through three streams: subscription/fees for services provided to broker members, transaction-based commissions on insurance placements, and revenue from underwriting agencies operations and the IQumulate premium funding business. Geographic operations span Australia, New Zealand, Singapore, the United States (via the 2023 ISU Group acquisition), and the United Kingdom (via the 2024 HW Wood acquisition), with additional offices in Manila and a London Lloyd's broking operation.

Steadfast listed on the ASX in 2013 at AU$1.15 per share and has grown market capitalization to a reported AU$4.67 billion by May 2025, with FY26 guidance of AU$365-375 million underlying NPATA on the back of AU$1.01 billion in H1 FY26 revenue. The company is currently navigating a leadership transition: founder-CEO Robert Kelly announced retirement for August 2026 following a temporary 2025 leave of absence during a workplace complaint investigation, and a Spencer Stuart-led succession search is underway. In June 2026, a consortium of Amwins Group and Dragoneer Investment Group made a conditional, non-binding offer of AU$7.7 billion (AU$6 per share, 51.9% premium) to acquire Steadfast, with the deal structured to split the business between the retail brokerage arm and the underwriting agency arm.

Name

Steadfast Group

Legal name

Steadfast Group Limited

Website

https://steadfast.com.au

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Steadfast Group (ASX: SDF) operates Australasia's largest general insurance broker network, with 414 independent brokerages placing AU$12.7 billion in annual gross written premium for SME and individual clients, supported by 31 underwriting agencies, a proprietary insurtech platform, and complementary premium funding and legal services across five countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Broker Network Services: Steadfast provides services to broker members including model operating procedures, manuals, legal, technical, HR, compliance, sum insured and product comparison tools. Services are funded by SGL, subsidised by SGL or SGL receives a fee for them.
2. Insurance Commission and Fees: Revenue from commissions and fees on insurance placements made through the broker network. Steadfast's network brokers place approximately AU$25 billion in gross written premium annually.
3. Underwriting Agency Operations: 31 underwriting agencies providing specialist insurance products in niche market segments. Revenue from underwriting agencies operations including Steadfast Underwriting Agencies London super binder.
4. Premium Funding (IQumulate): Premium funding solutions helping brokers and clients manage insurance premium payments.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Steadfast Group operates a B2B insurance broker network and underwriting agency group, supporting 414 independent general insurance brokerages and 31 underwriting agencies across Australasia with market access, exclusive products, proprietary technology, and back-office services. The company places approximately AU$12.7 billion in annual gross written premium through its network and provides complementary services including premium funding, legal, risk consulting, compliance and life insurance distribution.

Product overview

Steadfast Group operates as a diversified insurance distribution company with three primary business units: a broker network (Steadfast Network with 414 general insurance brokerages), an underwriting agencies division (Steadfast Underwriting Agencies with 31 agencies), and complementary businesses supporting the network. The company's technology portfolio includes the Steadfast Client Trading Platform (SCTP) for multi-insurer quote comparison, INSIGHT cloud-based policy management, and the newer Steadfast Apps platform that unifies these capabilities end-to-end. Supporting services include premium funding (IQumulate), legal services (Meridian Lawyers), risk consulting (Steadfast Risk Group), and compliance/training (GoldSeal). The company also holds stakes in global broker network UnisonSteadfast and operates across Australia, New Zealand, Singapore, USA, and Europe.

Differentiator

Problem solved

Functional benefit

Brands

• Steadfast Client Trading Platform (SCTP): Platform that allows brokers to send one question set to multiple insurers to receive quotes instantly and choose which insurer to bind, produce and renew the policy for the client. Currently has 9 insurer lines and 23 insurer and underwriting partners live on the platform.
• Steadfast Apps
• INSIGHT
• Steadfast Foundation
• UnisonSteadfast
• Steadfast Technologies
• Steadfast Risk Group
• Steadfast Business Solutions
• Steadfast Workplace Risk
• GoldSeal

Products and services

• Steadfast Network
• Steadfast Underwriting Agencies
• Steadfast Client Trading Platform (SCTP)
• INSIGHT
• Steadfast Apps
• Steadfast Technologies
• Steadfast Business Solutions
• Steadfast Risk Group
• Steadfast Workplace Risk
• Steadfast Life
• IQumulate Premium Funding
• Meridian Lawyers
• GoldSeal
• UnisonSteadfast
• Steadfast Re
• Steadfast Direct
• Erato Professional Indemnity Program
• Flood Risk Tracker

Quantifiable outcome

• H1 FY26 revenue AU$1.01 billion, up 14.6% year-on-year
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

21 partnerships are on record, tiered minor and core.

• Council of Insurance Agents & BrokersminorStrategic or Co-development Partner · 19 May 2026Steadfast joined the Council of Insurance Agents & Brokers as a member, ahead of the 2026 Employee Benefits Leadership Forum. Addition reflects continued globalization and diversification of the Council's membership.
• VictualminorStrategic or Co-development Partner · 10 March 2026Food and beverage insurance business acquired to strengthen Steadfast's food and beverage insurance and risk advisory offerings, adding broader suite of insurance products and expertise.
• @ Risk UnderwritingminorStrategic or Co-development Partner · 10 March 2026Sister company to Victual, acquired together to strengthen food and beverage insurance offerings and specialization in the sector.
• ISU GroupcoreStrategic or Co-development Partner · 9 October 2023US-based independent insurance agency network acquired for $55 million, marking Steadfast's entry into the US insurance market. Network of about 220 members across more than 40 states. Deal expected to be EPS accretive and leverage Steadfast's business model to enhance ISU's offerings.
• UnisonSteadfastcoreStrategic or Co-development Partner · 1 June 2017Global network of general insurance brokers with over 305 brokers across 110 countries. Steadfast acquired equity stake in unisonBrokers (renamed UnisonSteadfast) to increase global presence and expand international business placements.
• AIGcoreChannel Partner/ Reseller/ DistributorStrategic insurer partner providing insurance products to Steadfast network brokers. Part of Steadfast's strategic partners ecosystem including major global and regional insurers.
• AllianzcoreChannel Partner/ Reseller/ DistributorStrategic insurer partner providing insurance products to Steadfast network brokers.
• ChubbcoreChannel Partner/ Reseller/ DistributorStrategic insurer partner providing insurance products to Steadfast network brokers.
• QBEcoreChannel Partner/ Reseller/ DistributorStrategic insurer partner providing insurance products to Steadfast network brokers.
• ZurichcoreChannel Partner/ Reseller/ DistributorStrategic insurer partner providing insurance products to Steadfast network brokers.
• SuncorpcoreChannel Partner/ Reseller/ DistributorStrategic insurer partner (via CGU, ANZCO brand) providing insurance products to Steadfast network brokers.
• IQumulate Premium FundingcoreStrategic or Co-development PartnerPremium funding solutions helping brokers and their clients make the right choices in protecting their assets. Part of Steadfast's complementary businesses providing integrated financial services.
• Steadfast RecoreStrategic or Co-development Partner50% owned joint venture providing reinsurance capabilities to support Steadfast network operations and risk management.
• Steadfast LifeminorStrategic or Co-development PartnerSubsidiary specializing in providing life insurance products, extending Steadfast's insurance distribution capabilities.
• Meridian LawyersminorStrategic or Co-development PartnerLegal firm specializing in insurance matters, providing services to Steadfast network brokers and complementary businesses.
• GoldSealminorStrategic or Co-development PartnerProvides compliance, training, customer experience and HR management services to Steadfast network.
• Steadfast Business SolutionscoreStrategic or Co-development PartnerBack office services supporting Steadfast network brokers, part of shared services including Marketing, People & Culture, Finance, Operations, Compliance, Legal and Broker Support.
• Steadfast Risk GroupcoreStrategic or Co-development PartnerComprehensive risk suite providing consulting services and best-practice tools to network brokers. Empowers brokers to have better risk conversations with clients.
• HW WoodcoreStrategic or Co-development PartnerUK insurance broker business acquired for £23.5 million in 2024, expanding Steadfast's footprint into the UK insurance market as part of international expansion strategy.
• Novum Underwriting PartnerscoreStrategic or Co-development PartnerUnderwriting agency acquired in August 2025, delivered 60% organic growth since acquisition. Part of US and UK market expansion strategy through HWS Specialty and Novum Underwriting Partners.
• Steadfast Workplace RiskminorStrategic or Co-development PartnerWorkplace risk solutions provided to Steadfast network, part of comprehensive risk services ecosystem.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Hub International: Hub International is a leading North American insurance brokerage that has grown through aggressive broker network acquisitions, with operations across the US and Canada. Its acquisition-led model mirrors Steadfast's US market entry via ISU Group.
• Willis Towers Watson (WTW): WTW is a global advisory, broking, and solutions company with significant insurance brokerage and reinsurance operations. Its presence in Australia, the UK, and the US makes it a relevant incumbent competitor for Steadfast's international expansion initiatives.
• Arthur J. Gallagher & Co. Gallagher is a top-5 global insurance broker and risk management firm with significant brokerage, underwriting agency, and consulting operations. Its acquisition-led growth strategy and diversified service portfolio closely mirror Steadfast's playbook at much greater scale.
• Aon plc: Aon is a top-3 global insurance and reinsurance broker with operations spanning retail brokerage, wholesale, and human capital. Aon's global scale and specialty capabilities represent the competitive benchmark Steadfast is positioning against in its US and UK expansion.
• Lockton: Lockton is the world's largest privately held insurance brokerage, operating across commercial insurance, benefits, and risk management with significant global presence. Its private ownership and broker-network growth approach parallels Steadfast's model.
• Marsh & McLennan: Marsh is the world's largest insurance broker and a parent of Marsh McLennan Agencies, which operates a US brokerage network similar to Steadfast's ISU Group. Nick McKee, Steadfast's COO-International, was previously Head of Strategy & Corporate Development at Marsh & McLennan, evidencing direct industry overlap.

Direct peers

• AUB Group: AUB Group is Australasia's second-largest general insurance broker network, operating a similar equity-stake brokerage network model. Listed on the ASX, AUB was named alongside Steadfast as one of three newcomers to AM Best's Top 20 Global Insurance Brokers in 2023, making it the most directly comparable peer.
• BMS Group: BMS Group is a UK-headquartered independent insurance and reinsurance broker, also named to AM Best's Top 20 Global Insurance Brokers in 2023 alongside Steadfast. It operates a similar specialty-focused, acquisition-driven growth model.
• PSC Insurance Group: PSC Insurance Group is an ASX-listed Australian insurance brokerage group that has grown through broker network acquisitions. Its specialty-focused, acquisition-driven model in the Australasian market makes it a closely comparable peer to Steadfast.

Emerging players

• Brown & Riding: Brown & Riding is a specialty wholesale insurance broker with offices in the US and London. It is a relevant emerging peer given Steadfast's Lloyd's broking presence (via HW Wood) and its push into specialty underwriting agencies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/home
• Xx.com/steadfast_group

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries20 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Steadfast Group