QBE raises $1.4 billion in debt securities
23 May 2011
QBE has raised about $1.4 billion of debt to support its operations…
Corporate
NZ Treasury expected Western Pacific to fail
23 May 2011
The directors of Western Pacific Insurance asked the New Zealand Government for urgent support in March, but Treasury officials recommended against helping the company because…
AMI seeks recapitalisation, reinsurance
23 May 2011
Christchurch-based AMI has appointed Goldman Sachs to advise it on a recapitalisation so it can avoid using the New Zealand Government’s $NZ500 million ($373 million) rescue package…
New general counsel at Ace
23 May 2011
Ace Insurance has appointed Jon Downes as its new General Counsel for Australia and New Zealand…
Local catastrophes hit Allianz’s bottom line
16 May 2011
Allianz has become the latest global insurer to suffer a drop in profits due to the recent natural catastrophes in Australia and New Zealand…
Calliden waters down profit forecast
16 May 2011
Calliden Group has warned shareholders its annual after-tax profit could be severely cut as the result of “unprecedented weather and flooding” across the country…
AAMI national branch network future uncertain
16 May 2011
Leading personal lines insurer AAMI is considering closing down 24 local branch offices in NSW, Victoria, Queensland and Tasmania and replacing them with phone and internet systems…
CommInsure’s business survives natural disasters
16 May 2011
Commonwealth Bank’s insurance arm CommInsure has recorded premium growth of 1.1% during the first three months of 2011…
Insurers were aware of Herbert premium shortfall
16 May 2011
A substantial shortfall in the premium account of Auckland-based broker Herbert Insurance was found and insurers notified in the months leading up to the company’s failure, a report…
GIO appoints new compensation agent
16 May 2011
GIO has moved quickly to deal with its controversial removal from the Victorian workers’ compensation insurers panel, appointing Gallagher Bassett to take over its Victorian accounts…
QBE works on online capabilities for brokers
16 May 2011
QBE has announced a national program to boost its online portal capabilities to help brokers and customers streamline claims management for some product lines…
Underwriting pool moves closer to closure
16 May 2011
The English and American Underwriting Agency pools are expected to close their schemes during 2012, insuranceNEWS.com.au has been told…
New company secretary for IAG
16 May 2011
Former CSR Company Secretary Chris Bertuch has moved across to IAG to take up the same role there…
Guild prescribes expansion via brokers
09 May 2011
Niche player Guild Insurance has set off on an expansion strategy using brokers…
Bad weather hits Westpac’s insurance business
09 May 2011
Westpac’s BT Financial Group has seen insurance earnings drop $39 million in the first half due to claims from natural disasters…
DLA Piper launches in Australia while NZ goes its own way
09 May 2011
The local merger of law firms DLA Phillips Fox (Australia) and US-based global operator DLA Piper has been completed, with the re-branded DLA Piper now trading in Sydney, Melbourne…
WR Berkley expands into Melbourne
09 May 2011
WR Berkley has opened a new office in Melbourne, appointing former QBE Senior Underwriter Paula Ritchie to manage its new Collins Street office…
Insured Group creates joint venture with loyalty scheme
09 May 2011
Insured Group has formed a joint venture with Priority One Rewards to provide both general and life insurance products to its members…
Failed NZ insurer cancels policies
02 May 2011
The liquidators of failed New Zealand insurer Western Pacific have cancelled its insurance policies after failing to sell the business…
Austbrokers expands on western front
02 May 2011
Austbrokers has taken a 50% share in WA brokerage Country Wide Insurance Brokers, a member of the Steadfast group…