A cheque for $200 million from Allianz has sweetened HIH’s restructuring program. Chief Executive Randolph Wein told the ASX on Friday that the payment – in settlement of the first stage of the Allianz/HIH joint venture arrangement – will assist in the restructure of the balance sheet for last December 31.

HIH’s remaining interest in the venture is subject to a market valuation of between $125 million and $500 million.

The settlement came as HIH’s corporate strategy and business plan begins to take shape. Mr Wein said the strategic work is being assisted by the Boston Consulting Group and is expected to be completed late next month. The first stage of the company’s organisational restructuring has been completed.

The interim result for December 31 2000 isn’t yet quantified or finalised, although Mr Wein said the company’s directors “have already indicated that a loss will be reported for the restructuring period”. The company’s shares have fallen 83% in the past year.