Steadfast announces booming Profits

Steadfast has announced “strong revenue and earnings growth,” in its 2016 financial year results.

Robert Kelly, managing director and CEO of Steadfast, said that the business is “pleased with the solid performance” of Steadfast’s brokers and agencies as the business continues to diversify.

“The acquisitions made in FY15 overall are performing in line with expectations, with the two transformational agency acquisitions performing ahead of expectations,” Kelly said.

“Steadfast Underwriting Agencies now contribute 45% of our earnings, compared with 18% two years ago.”

The broker network saw gross written premium placed by Steadfast Network brokers rise by 4.2% to $4.5 billion while underlying revenue increase by 54% to $459.5 million, as NPATA grew 45% to $82m.

The GWP growth placed by brokers was “driven by organic growth and new brokers,” according to a release from the business as organic GWP growth was up 1.5% “due to relatively flat pricing and higher volumes,” the release continued.

GWP placed by Steadfast Underwriting Agencies hit $745 million, up 94% compared with FY15 thanks to the agency acquisitions of Calliden and QBE which have “transformed Steadfast Underwriting Agencies into the largest agency group in Australia.”

Kelly noted that two new strategic initiatives, Steadfast Client Trading Platform and Steadfast Underwriting Agencies London ‘super’ binder, have helped the Group over the past year and will “generate upside to our Network and to the Group’s profitability.”

For the coming year, Kelly said that while the market may continue to be flat, the Group expects good organic growth.

“Based on a continued flat pricing environment and no material acquisitions, we expect underlying NPATA of $85m to $90m for FY17,” Kelly continued.

“The majority of this expected growth is organic and includes projected returns from the two new strategic initiatives.”

Steadfast is a member group of Brokers throughout  Australia and Asia

Recommended Steadfast member Broker in Perth WA Western Australia

 Call  93688999

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Cyber attack shuts down Census site

 
Thousands of Australians were prevented from taking part in the national census yesterday as overseas hackers were blamed for a cyber attack which took the website offline.

The Australian Bureau of Statistics (ABS) said that the census site came under four separate attacks yesterday with the final attack serious enough to see the department shut down the site.

“The 2016 online Census form was subject to four Denial of Service attacks yesterday of varying nature and severity,” David W Kalisch, Australian statistician, said in a statement.

“The first three caused minor disruption but more than 2m forms were successfully submitted and safely stored.

“After the fourth attack, just after 730pm, the ABS took the precaution of closing down the system to ensure the integrity of the data.

“Steps have been taken during the night to remedy these issues, and I can reassure Australians that their data are secure at the ABS.”

In an interview with ABC NewsRadio, Kalisch said that the ABS believes the attack came from “overseas.”

“It was an attack, and we believe from overseas," Kalisch said.

"The Australian Signals Directorate are investigating, but they did note that it was very difficult to source the attack."

Attorney-General George Brandis told the ABC that security measures put in place were "more than sufficient to protect individual privacy."

"The cyber security operations centre has been engaged overnight," Brandis continued.

"It is investigating the matter."

Timothy Pilgrim, Australian Privacy Commissioner, said that an investigation into the attacks would be launched to ensure personal data remains secure.

"My first priority is to ensure that no personal information has been compromised as a result of these attacks," Pilgrim said.

"My office will continue to work with the ABS to ensure they are taking appropriate steps to protect the personal information collected through the census."