“We are really pleased with the relationship we have built with PGIM. The PGIM Private Shelf Facility provides funding flexibility and capacity which will support Steadfast with its future growth objectives.”
Stephen Humphrys, CFO, Steadfast
Steadfast’s 645 network brokers and agencies have placed over A$25 billion of premiums. Steadfast’s insurance broker and agency network operates across Australia, New Zealand, Singapore, and the United States.
PGIM has called on Steadfast management since 2017. Over that time, PGIM expanded its global and local exposure to the insurance broker segment while Steadfast continued to execute on its growth ambitions to solidify its market-leading position. In early 2025, PGIM and Steadfast started exploring using a PGIM Private Shelf Facility as a pathway to provide additional funding capacity alongside tenor and diversification to the business.
In May 2025, PGIM provided Steadfast with a revolving, multi-currency PGIM Private Shelf Facility of up to A$325 million with an initial draw of A$200 million in a 7-year A$ floating-rate tranche.
The PGIM Private Shelf Facility and initial drawdown lengthened Steadfast’s debt maturity profile while providing additional funding capacity for future opportunities, including acquisitions. Steadfast appreciated PGIM's patient and relationship-based approach, solution-oriented mindset, and knowledge of the insurance brokerage sector.
PGIM values the long relationship it has built with Steadfast and looks forward to supporting the business with its ambitions.
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