Major strata insurance brokerage company and underwriter, Steadfast Group, has suspended trading on the Australian Stock Exchange after reports the company had allegedly misled its clients. Steadfast denies the allegations.
The share price for the $7bn company fell 6.14% on Monday morning to $5.96 after allegations were published by the ABC, ahead of a Four Corners report, that undisclosed financial arrangements between insurance companies, brokers and strata managers were driving up the cost of insurance for owners.
