The Australian Prudential Regulation Authority (APRA) has disqualified former Zurich Re Group Reinsurance Officer Robert Stevenson from being or acting as a director or senior manager of a general insurer, authorised non-operating holding company or agent of a foreign general insurer.

Mr Stevenson was in the position between 1999 and 2001. In May 2005, APRA accepted an enforceable undertaking from Zurich Australia Insurance and Zurich Financial Services Australia relating to two financial reinsurance transactions in 2000 with General & Cologne Re Group Australia.

The transactions resulted in Zurich Australia profit in 2000 being overstated by $61 million, with the effect it only seemed to meet the regulatory solvency requirement.

APRA says Mr Stevenson played a key role in working on a reinsurance transaction between Zurich Australia and the General & Cologne Re Group.