Steadfast is looking at options to enter the Indian market, as it continues to expand overseas.

Group CEO Robert Kelly told last month’s Steadfast Convention on the Gold Coast that “the future of insurance development is definitely across Asia”, and international CEO Sam Hollman says India presents significant potential.

“Our real focus at the moment is building the opportunity we’ve got in the US and the UK,” she told insuranceNEWS.com.au.

“But when we sat around the table at our last strategy meeting and said, ‘Are we being remiss by not looking at other geographies as well?’ India was the one that came to the table.”

Ms Hollman highlights India’s “huge economy, huge population” and says Steadfast knows brokers there through the global UnisonSteadfast network.

She says Steadfast has been approached by one broker looking to sell part of their business and the opportunity is being considered.

“It would be a different market,” she said. “But every market we’ve gone into so far has been a different market. Obviously, we’re entrepreneurial in what we do, but we’re also incredibly considered in what we do. So we will evaluate the pros and cons of that market and how we could manage it accordingly, and make a decision based on that.”

Ms Hollman says that two years after the ISU acquisition in the US, she is “really pleased” with how it is tracking.

“Since that acquisition, we’ve had 13% growth in members and 26% growth in the profit sharing, which is absolutely brilliant.”

International COO Nick McKee says the first ISU trapped capital deal was announced earlier this year, as the group looks to take equity in member businesses and assist with succession planning.

“That’s really exciting, and we’ve got [letters of intent] on a few others, and we’ll start really building a pipeline,” he said.

Ms Hollman says it was “always the plan” to go into the managing general agency space in the US, and in last year’s Novum acquisition, Steadfast found “the perfect MGA we were looking for”.

Mr McKee says Novum’s technology and platform enable rapid growth.

“In Australia we've got these 30 MGAs that we’re bringing together in groups where it makes sense,” he said.

“[In the US] we’re starting with a platform and then slotting in underwriters, and taking advantage of the distribution and the technology and everything that Novum has.”

Some of Steadfast’s Australian agencies may expand to the US, but Ms Hollman says that is not the only option.

“If it makes strategic sense to have the product built through Novum and go to market more efficiently and effectively and economically that way, we will do that route,” she said.

“If it makes sense for a particular agency, like Emergence, to go over in its own right, with its own capacity, then we’ll do that.

“But with the efficiencies of Novum and the tech platform, we probably see way more programs and products being built through Novum than we do transporting our agencies from Australia.”

Novum CEO Christopher Longo says he can see Steadfast replicating its Australian success in the US. He says there was initially “some trepidation” among ISU Steadfast brokers, but “over time you drink the Kool-Aid and jump on board because [Steadfast is] very consistent with its message and actions”.

In the UK, Ms Hollman says the acquisition of HWS Specialty has presented “a great opportunity”.

“We’ve been really successful in working with the management team, in building out the capabilities across that business that we need to start realising the opportunities we have with our global networks.

“Not only with the Australasian network, but now, having moved into the US, we have ... 250 agents in ISU that can start funnelling business through the UK market.”

HWS CEO Steven Ruddock says the business’ ability to distribute Lloyd’s products is key.

“Lloyd’s will now see us as a great potential outlet for their own distribution in the SME space, both in the US and in Australia,” he said.

“Lloyd’s is definitely looking to expand how they can distribute, syndicates individually are looking at that, and I think we’re a great partner for them.”