Robert Kelly, founder of Steadfast Group, the biggest brokerage network in Australasia, is arguably the country’s most influential insurance leader. On Thursday evening Steadfast announced that Kelly had “stepped aside” as CEO pending an investigation into a “workplace complaint against him.”
Insurance Business has reached out to brokers for their reaction to the sudden departure, albeit temporary at this stage, of this industry giant. Those interviewed were taken aback by the news.
“My reaction was surprise,” said one broker. “I hold Robert in high esteem - as I think most of the industry does - because of what he’s achieved.”
Another broker said he was “shocked to hear the news that Robert has stepped aside.”
Kelly is widely respected for a business acumen that has helped Steadfast expand across Australia, New Zealand, the UK and now the United States. The veteran, now in his late 70s, has received praise and prizes from industry stakeholders and beyond – including Insurance Business Australia’s 2025 Lifetime Achievement Award. Kelly has also raised hundreds of thousands of dollars to help the homeless and mental health charities.
However, last year an ABC Four Corner’s exposé focused attention on Steadfast and questioned Kelly about the transparency of his firm’s operations and its influence in the strata market. There were strong suggestions by Four Corners of unethical conduct. Steadfast strongly rejected all of the accusations.
One broker expressed surprise at the recent “workplace complaint” announcement and hoped the investigation would clear Kelly.
“Hopefully it won’t cause too much trouble for him and the business moving forward,” he said.
While the details of the allegation that caused this investigation are unconfirmed at this stage, one broker said Kelly, like many from his generation, sometimes expresses himself in ways that are not suited to “the filter of today’s more woke environment.”
“But those can’t be excuses,” said the broker. “It doesn’t matter who you are, whether you’re the Prime Minister or the King, you’ve got to mind your airs and graces.”
On Friday morning, Steadfast held its annual general meeting. Frank O’Halloran – in his final AGM as chair - told shareholders that 2025 was another record year with underlying net profit after tax (NPAT) increasing by more than 17% to $296 million.
During his address O’Halloran briefly mentioned the investigation into Kelly.
“I would appreciate shareholders’ patience in allowing the Board to undertake a thorough process, in the interests of ensuring procedural fairness,” he said.
