logo_steadfast

ASX listed Insurance Brokerage Steadafast has announced for a bid for General Insurer Calliden

Steadfast bid to Calliden shareholders based on 46.5 cents per share (41.5 cents per share plus special fully franked dividend of 5.0 cents per share) Steadfast share approximately, the the group would complete a $55m Immediate on-sale of insurance business and certain agencies to Munich Re including the NTA (Net Tangible Assets) of Calliden Conditional upon approvals from regulatory bodies, Calliden shareholders, the Court, as well as other conditions being satisfied

Calliden Group Ltd is an ASX listed company (CIX) specialising in general insurance.

Robert Kelly, Managing Director & CEO, said “Calliden’s eight agencies complement our diverse mix of niche and specialised agencies. On completion of the acquisition, Steadfast will become one of the largest agency groups in Australia with annual GWP of around $300 million. Currently over half of Calliden’s agencies’ insurance sales are generated through Steadfast Network Brokers, which places us in a strong position to enhance their value. We will also endeavour to develop and strengthen their alliances with other distribution networks and non-aligned brokers as well as insurers.”

The annoucement was made at Steadfast results investor presentation where the group ansouced a 2H FY14 dividend of 2.7 cents per share (fully franked), bringing the total FY14 dividend to 4.5 cents per share

 

Follow Us twitter  Follow us on Google+ facebook


QuotesOnline offering free Travel insurance quotes
 Quotesonline Free Insurance Quotes Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

By | 2017-09-05T04:20:23+00:00 August 27th, 2014|Insurance News, Insurers, News|
 
%d bloggers like this: