Munich Re downgrade follows bad news
01 April 2003
Standard & Poor’s has lowered the rating of reinsurer Munich Reinsurance of Australasia from AA+ to AA-…
Corporate
IAG consolidates intermediary business through CGU
25 March 2003
The major step in fully integrating the CGU operation into the IAG conglomerate has been announced…
AMP starts the slow rebuild
18 March 2003
Andrew Mohl is a much happier man this week following a 12.4% rise in AMP shares from a record low of $5.90…
QBE beats profit expectations
11 March 2003
QBE Insurance has exceeded market expectations with a 2002 after-tax profit of $279 million…
Promina set to float
11 March 2003
Promina, the newly named local arm of Royal & SunAlliance, has kicked off its $2 billion capital-raising with a local newspaper and TV campaign…
IAG settles ‘inherited’ lawsuit
11 March 2003
IAG has settled out of court with Fortis Insurance International over a dispute dating back to 2001, when its now-subsidiary company CGU took over Fortis’ local operations…
IAG results better than expected
04 March 2003
Number one insurer Insurance Australia Group has recovered from the doldrums with a solid half-year net profit of $62 million to December 31, compared to $42 million…
AMP’s ratings unchanged despite $896 million loss
04 March 2003
It could have been worse…
Axa Asia Pacific turns out a profit
25 February 2003
It’s a busy financial reporting week for the financial services industry, and Axa Asia Pacific Holdings CEO Les Owen has kicked it off to a positive start with an after-tax profit…
AMP braces for flak over its results
25 February 2003
AMP will report its results tomorrow, and new CEO Andrew Mohl is unlikely to recieve the sort of approval Les Owen at Axa did yesterday…
R&SA sells a bit of Tyndall
18 February 2003
Consternation as news reached the street last week that yet another jewel in Royal & SunAlliance’s Australasian tiara has been sold…
AMP’s downward spiral
18 February 2003
AMP took its second blow for 2003 last week when its shares tumbled to a record low of $7.90 as result of the Standard & Poor’s downgrading of their credit rating…
Look on the bright side, AMP tells investors
18 February 2003
Australians struggling to see the wisdom of continuing to invest in plunging investment plans or superannuation funds have been urged by AMP’s Henderson Global Investors…
Another two acquisitions for OAMPS
18 February 2003
OAMPS has added another two general insurers to their ever-expanding list…
QBE to exceed profit expectations
11 February 2003
Fresh from having it’s A+ rating confirmed by Standard & Poor’s, QBE expects to exceed its projected after-tax profit of $238 million by around 15%…
OAMPS takes over its 16th broker
11 February 2003
Sydney broker Derek Beresford is avoiding the regulatory mayhem surrounding his colleagues by selling his operation to Melbourne-based OAMPS…
St Andrew’s records profit despite slow market
11 February 2003
Perth-based insurer St Andrew’s Insurance has made a record profit of $2.63 million for 2002, and recorded a 32% rise in profit despite what it described as tough market conditions…
R&SA re-brands as Promina
04 February 2003
Royal & SunAlliance is now Promina, the latest new financial services name to hit the Australasian market…
OAMPS expands in Queensland
04 February 2003
OAMPS is still on its buying spree, and has let opposition brokers working in the middle market know it’s out for their business…
Ace Insurance on CreditWatch over asbestos reserve
04 February 2003
Standard & Poor’s has placed Ace Insurance on creditwatch negative after the Bermuda-based company boosted its reserves by $3.7 billion to pay for asbestos claims against…