Tower NZ buys more reinsurance
11 July 2011
Tower NZ has bought more reinsurance to cover another natural catastrophe event…
Corporate
Contractors Bonding acquires European builders’ warranty underwriter
11 July 2011
New Zealand-based builders’ warranty specialist Contractors Bonding Ltd has expanded into the Spanish market with the acquisition of European Insurance Services Ltd…
Suncorp says reinsurance renewal satisfactory despite higher costs
04 July 2011
Suncorp says it remains on track to record an insurance margin of at least 12% for the 2011/12 financial year despite higher reinsurance costs…
NRMA’s motives over IAG share sale questioned
04 July 2011
The selldown by NSW motoring services body NRMA of a large parcel of IAG shares has raised speculation about the two organisations’ future relationship…
We’re not for sale, says Zurich
04 July 2011
Zurich’s management says the general insurance business in Australia remains strong in a very difficult market and the business is not for sale…
AMI denies takeover bids, but confirms reinsurance
04 July 2011
Troubled New Zealand mutual AMI Insurance denies it’s in buyout talks with opposition insurers, pouring cold water on media speculation that names Suncorp, Tower, and IAG as prospective bidders…
Christchurch’s June 13 earthquake costs IAG $65 million
04 July 2011
IAG expects a maximum net claim cost of $65 million from the earthquakes and aftershocks that shook Christchurch on June 13…
‘My’ trademark bid on hold
04 July 2011
A bid by troubled New Zealand mutual insurer AMI to trademark “My Insurance” has been put on hold following an appeal by several competitors…
GPG puts their man in at Tower NZ
04 July 2011
Guinness Peat Group has placed one of its directors on the Tower NZ board…
Insurers’ stock prices down but not out, say analysts
27 June 2011
Insurers’ share prices have taken a battering this year but analysts say the stocks’ popularity with investors will depend on how much the companies have to pay for reinsurance and whether…
The Rock sells commercial insurance business
27 June 2011
Queensland-based Regional Insurance Brokers has bought The Rock Building Society’s commercial and rural insurance business for $3.25 million…
IAG gets angry UK reception
27 June 2011
Senior IAG executives have received a hostile reception at its London annual general meeting…
Christchurch continues to shake Tower
27 June 2011
Tower NZ is now expecting the Christchurch earthquake to cost it between $NZ15-$20 million ($11.5-$15.4 million) by the end of its September 30 financial year…
FMG acquires livestock insurer
27 June 2011
New Zealand rural insurer FMG has purchased equine and livestock insurer Quadrant Insurance Group…
Suncorp explores further offshoring to India
20 June 2011
Suncorp is sending a team of executives from its commercial and personal lines businesses to India this week to further explore offshoring opportunities…
Insurers survive profit warnings
20 June 2011
Both IAG and QBE’s warning on the growing losses from catastrophes last week have not changed rating houses’ views on the insurers…
Claims blow out at QBE
20 June 2011
Catastrophes continue to hit QBE’s bottom line, with first-half claims now $US340 million ($321 million) higher than the first half of last year…
Fear will drive cycle change, says Berkley
20 June 2011
Bill Berkley, Chairman and CEO of US-based global specialty insurer WR Berkley, says “fear must overcome greed” in order for the market to turn…
IAG focuses on resilience
20 June 2011
IAG CEO Mike Wilkins believes it’s time for the insurance industry to step up its disaster resilience advocacy by pushing for better planning and building laws…
FMA drops action against Insured Group
20 June 2011
The New Zealand Financial Markets Authority has dropped its court action against Insured Group over breaches of continuous disclosure…