Claims services provider Stream Group has appointed James Gerrie as National Manager Australian Operations.

Mr Gerrie, most recently national manager for property and specialist claims at Lumley, started work with Stream last week in Brisbane.

A spokesman told insuranceNEWS.com.au he will be responsible for overseeing “claims and assessing functions across all product lines”.

Stream has apologised for its performance this financial year, citing a benign claims environment, costs associated with setting up UK operations and the merger with now-failed loss adjuster Cerno.

In April it announced a non-renounceable rights issue aimed at raising $3.36 million to provide working capital and reduce debt.

In a notice of under-subscriptions to the Australian Securities Exchange, Stream advises the issue of 22,853,755 shares will raise $2.17 million.

It will seek to place the remaining 11,640,944 shares.