General Re Australian head Geoffrey Barnum has been “disqualified” by the Australian Prudential Regulation Authority (APRA). While APRA hasn’t said why it used its powers under the Insurance Act to remove Mr Barnum from his position, it is obviously in relation to the role he played in the arrangement of financial reinsurance contracts for FAI in 1998.

It is understood Mr Barnum will challenge the decision and General Re will support him.

The company’s Asia-Pacific Regional Manager, Don Bradford, has taken over Mr Barnum’s position in the interim.

His public relations spokesman, Mark Rudder, says Mr Barnum is still waiting for more information from APRA.

Over the past three months APRA has also been investigating financial reinsurance contracts between General Re and Zurich Australia.