The Australian Prudential Regulation Authority (APRA) has disqualified another former HIH senior executive, taking the number of people disqualified to 27.

Peter Thompson was disqualified from being or acting as a director or senior manager of a general insurer. He had held various positions at HIH and related companies from 1997 until 2000, including GM Special Projects, CEO of HIH UK, GM of the risk management and reinsurance division and non-executive Chairman of Cotesworth & Co.

APRA says Mr Thompson knew the structure of HIH’s reinsurance with respect to transactions with National Indemnity and General & Cologne Re Group Australia, and failed to advise the HIH auditors of all the relevant circumstances surrounding those transactions.

APRA Deputy Chairman Ross Jones says the regulator expects the senior management of authorised insurers to ensure financial results are properly reported, and that boards and auditors are fully informed about any matters likely to materially affect an insurer’s financial position.