Some insurance problems for Westpac
07 November 2011
Total cash earnings for Westpac Insurance during the 2011 financial year ending September 30 were flat, up just 1% to $199 million compared to $197 million in 2010…
Corporate
Genworth to sell Australian stake
07 November 2011
Genworth Financial is to sell a stake in its Australian mortgage insurance business through a public offer…
Court scuttles insurer’s bid to trademark ‘my’
07 November 2011
New Zealand insurers have won a court bid to prevent personal lines specialist AMI trademarking common insurance terms preceded by the word “my”…
IAG proceeds with NZ bond issue
07 November 2011
IAG is raising $NZ150 million ($114 million) through an issue of unsecured subordinated bonds to the New Zealand market…
Insured Group annual report still not available
07 November 2011
Insured Group still remains suspended by the New Zealand Stock Exchange for failing to release its 2011 annual report…
IAG reaffirms earnings guidance
31 October 2011
IAG remains on course to deliver its earlier guidance of an insurance margin of 10-12% and gross written premium growth of 6-9% this financial year, CEO Mike Wilkins told last week’s AGM…
New chairman at Suncorp as insurer faces the heat over offshoring
31 October 2011
Suncorp Chairman John Story stepped down at last week’s AGM, after defending the group over its plan to offshore jobs to India…
QBE sees rates on the rise
31 October 2011
Premium rate increases in QBE’s Australian, Americas and Europe divisions are expected to exceed 4% across the board, according to CFO Neil Drabsch…
Profit steady for Macquarie BFS
31 October 2011
Macquarie Banking and Financial Services Group has announced a net profit of $137 million for the first half of 2011 – a result similar to the previous two half-years…
Insurance House moves into Brisbane
31 October 2011
Melbourne-based Insurance House Group has moved into the Brisbane market with the acquisition of PM Insurance Advisory Service…
Takeover speculation surrounds IAG NZ bonds issue
31 October 2011
IAG has declined to comment on speculation that a $NZ150 million ($115 million) New Zealand bond issue announced at last week’s AGM is raising capital to buy troubled mutual AMI Insurance…
Bhatia departs as Wesfarmers restructures underwriting
31 October 2011
Wesfarmers has confirmed recent speculation surrounding the future of its Australian underwriting CEO Vivek Bhatia, announcing that Mr Bhatia has left the business as part of a management restructure…
Asia-Pacific CEO joins Zurich boards
31 October 2011
Zurich Financial Services Group Asia Pacific General Insurance CEO Johnny Chen has been appointed to the boards of Zurich Financial Services Australia and Zurich Australian Insurance Limited…
Improved performance gives TIO $52 million profit
31 October 2011
The NT Government-owned TIO Insurance has increased after-tax profit by 45% to $52 million in the year to June 30, with CEO Richard Harding saying improvements in operational performance…
Indemnitycorp adds flood excess buydown cover
31 October 2011
Indemnitycorp has claimed a “first” for the Australian market with the introduction of a flood excess buydown facility…
Hollard in China move
24 October 2011
Hollard Insurance has signed an agreement which will give it access to the lucrative Chinese market…
Zurich brings NZ operation under one roof
24 October 2011
Zurich General Insurance CEO Shane Doyle says his company’s role as a major global insurer gives it an important point of differentiation in the New Zealand market…
Midland grows with purchase of broker James Wiltshire
24 October 2011
Melbourne-based Midland Insurance Brokers has acquired suburban brokerage James Wiltshire in a move that Midland MD Terry Lane says positions the company to capitalise on rapid growth…
Suncorp cleans up life structure
24 October 2011
Suncorp plans to transfer Asteron polices into a single entity to be known as Suncorp Life and Superannuation Ltd from January 1 next year…
DCS opens Brisbane office to handle property
24 October 2011
Claims services company DCS has opened its second Australian office in Brisbane to cater to Queensland property clients…