Steadfast: Corporate Action – Buying a Success Story, We Recommend Participating in SPP

Serial acquirer Steadfast is splashing out up to AUD 280 million to acquire Sure Insurance, or Sure, a fast-growing underwriting agency. Sure specializes in home and contents insurance and strata in regional Queensland, and will take the total number of underwriting agencies within the Steadfast network to 30. Sure is a young business started in 2016 by the previous CEO of RACQ Insurance, a large member-owned home and motor insurer in Queensland. With gross written premiums of AUD 120 million and fiscal 2023 EBITA of AUD 23 million, the insurer is successfully and profitably taking share with policies seemingly better suited to higher-risk markets. Sure carries no claims risk, other than its three insurance providers no longer wanting to work with the underwriting agency.