The changing nature of Australia’s retail distribution networks was on full display this week with significant reader interest in our report on the merger between Steadfast Life and Insurance House Life…
Life insurance advisory businesses, Steadfast Life and Insurance House Life have merged, effective 1 April, 2023, and will be operating under the Steadfast Life brand and licence.
A statement from Steadfast Life says the merger will to create “one of Australia’s largest specialist life insurance advice businesses”, based on in force premiums.
It says the merger “…sees two very experienced life insurance advice teams come together to form a unique proposition in the market with significant combined experience and scale.”
Darren Conway, Steadfast Life’s CEO, says that integrating IHL into Steadfast Life “…significantly expands our footprint, capability and capacity, and positions us strongly to continue meeting the current and future needs of our clients and referral partners across the Steadfast network.”
Mike Townshend, Head of IHL, says his firm is excited about what this means “…for our clients, both existing and new, as we seek to deliver even greater client experiences, outcomes and support, throughout their life insurance advice journey.”
The statement notes that IHL was previously the life insurance advice business of Insurance Brands Australia and that Steadfast Life will continue to work closely with IBA, providing strategic life insurance advice and employee benefits programs to their clients across Victoria, NSW and QLD.
Jay Fereday, IBA Managing Director, says that for 40 years the firm has been “…committed to ensuring our clients get the best possible advice and support for their life and income protection needs. The combined capability of these two teams only gives our clients a better solution.”
