Steadfast Group Limited (‘Steadfast’) (ASX: SDF) today announced that it has agreed to acquire 72.3% of Ausure Group (‘Ausure’), an Authorised Representative (AR) network of insurance professionals in 150 locations across Australia, including Insure 247 Australia. Ausure has a normalised FY15 forecast EBITA of approximately $4.0 million.
Troy Brown, Managing Director of Ausure, said, “Working with Steadfast as members for then past two years has shown the value the Group can bring to our business. The Steadfast Virtual Underwriting (SVU) system alone has dramatically improved the productivity of several parts of our business and we are excited about its future potential to improve our business. With the support of Steadfast, we are now in a position to accelerate our growth initiatives.”
Robert Kelly, Managing Director & CEO of Steadfast, commented, “We are excited to partner with Ausure and believe its AR network provides Steadfast with an opportunity to attract smaller brokers into our fold. Ausure has a history of delivering increasing value for its brokers and other stakeholders and we look forward to helping their network build on this.”