Quotable Quote from the result webcast:
"In terms of our view of the commercial premium environment, we are nowhere near 12 o'c lock on our rate cycle clock. We see a good number of years of firm premiums ahead of the industry."
(R. Kelly, Steadfast MD and CEO)
And I suspect that the recent Sydney storms and the Queensland floods will consume a significant amount of underwriter capital, which is supportive of Mr Kelly's view.
I suspect the muted share price response is because the company "merely" re-affirmed its full-year guidance.
Given Steadfast's habit of under-promising and over-delivering, I'll eat my own offspring if the company doesn't beat the guidance for the full-year.
.
Ann: 1H19 results investor presentation, page-2
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