George Sturesteps, who was a senior manager at HIH when the giant insurer collapsed in 2001 with losses of $5.3 billion, died yesterday.

He had been living in retirement in Melbourne since becoming the 20th person to be disqualified by the Australian Prudential Regulation Authority in relation to the collapse.

APRA found he had “demonstrated a lack of knowledge, competence or diligence” in carrying out his duties at HIH.

Mr Sturesteps worked with HIH MD Ray Williams for more than 30 years and was an executive director when the company collapsed. He was also MD of its international business.

During the royal commission into the collapse, Mr Sturesteps admitted that HIH’s re-entry to the US market in 2000 was “disastrous” and conceded he should have been fired for overseeing the resulting losses.

HIH America was under-provisioned by about $US53 million when the parent company collapsed.

Attempts today by insuranceNEWS.com.au to contact his family were not successful.