Steadfast Group, the parent company to a range of broking and underwriting operations, including reinsurance broker Steadfast Re, has announced plans to expand its London office as the company is seeing increasing demand for placing business into the specialist Lloyd’s market.

At the same time, the organisation has also got off to a strong start to FY25, posting solid results for the first quarter, including a 14% rise in unaudited underlying revenue, compared to the first quarter of 2024.

Steadfast’s Q1 FY25 unaudited underlying EBITA was also up by 18% in comparison to Q1 2024, while its unaudited underlying NPAT climbed by 23.3%.

Readers will recall that in their results for FY24, Steadfast posted net profit after tax of $252.2 million, up 21.8% from 2023, while the firm’s underlying EBITA grew 22.7% to $528.5 million.

According to the firm, the EBITA increase in FY 2024 was driven by organic growth of 12.5%, fueled by continued premium increases by insurers and higher volume, along with acquisition growth, which contributed an additional 10.2%.

In a recent address to its shareholders, Steadfast Group revealed that it is well positioned to continue its execution of its disciplined strategy, producing reliable organic and acquisition growth in Australia and International markets.

This, combined with the benefit of acquisitions made in FY24 and other initiatives, enables Steadfast to reaffirm the FY25 guidance of:

• underlying EBITA of between $590 million and $600 million.
• underlying NPAT of between $290 million and $300 million.
• underlying NPATA of between $340 million and $350 million.
• underlying diluted EPS (NPAT) growth of 12% to 16%

However, Steadfast noted that the guidance is subject to insurance premium increases of 7% – 9% by insurer partners and $300 million of acquisitions throughout FY25.

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