New chairman at Suncorp as insurer faces the heat over offshoring
31 October 2011
Suncorp Chairman John Story stepped down at last week’s AGM, after defending the group over its plan to offshore jobs to India…
Corporate
QBE sees rates on the rise
31 October 2011
Premium rate increases in QBE’s Australian, Americas and Europe divisions are expected to exceed 4% across the board, according to CFO Neil Drabsch…
Profit steady for Macquarie BFS
31 October 2011
Macquarie Banking and Financial Services Group has announced a net profit of $137 million for the first half of 2011 – a result similar to the previous two half-years…
Insurance House moves into Brisbane
31 October 2011
Melbourne-based Insurance House Group has moved into the Brisbane market with the acquisition of PM Insurance Advisory Service…
Takeover speculation surrounds IAG NZ bonds issue
31 October 2011
IAG has declined to comment on speculation that a $NZ150 million ($115 million) New Zealand bond issue announced at last week’s AGM is raising capital to buy troubled mutual AMI Insurance…
Bhatia departs as Wesfarmers restructures underwriting
31 October 2011
Wesfarmers has confirmed recent speculation surrounding the future of its Australian underwriting CEO Vivek Bhatia, announcing that Mr Bhatia has left the business as part of a management restructure…
Asia-Pacific CEO joins Zurich boards
31 October 2011
Zurich Financial Services Group Asia Pacific General Insurance CEO Johnny Chen has been appointed to the boards of Zurich Financial Services Australia and Zurich Australian Insurance Limited…
Improved performance gives TIO $52 million profit
31 October 2011
The NT Government-owned TIO Insurance has increased after-tax profit by 45% to $52 million in the year to June 30, with CEO Richard Harding saying improvements in operational performance…
Indemnitycorp adds flood excess buydown cover
31 October 2011
Indemnitycorp has claimed a “first” for the Australian market with the introduction of a flood excess buydown facility…
Hollard in China move
24 October 2011
Hollard Insurance has signed an agreement which will give it access to the lucrative Chinese market…
Zurich brings NZ operation under one roof
24 October 2011
Zurich General Insurance CEO Shane Doyle says his company’s role as a major global insurer gives it an important point of differentiation in the New Zealand market…
Midland grows with purchase of broker James Wiltshire
24 October 2011
Melbourne-based Midland Insurance Brokers has acquired suburban brokerage James Wiltshire in a move that Midland MD Terry Lane says positions the company to capitalise on rapid growth…
Suncorp cleans up life structure
24 October 2011
Suncorp plans to transfer Asteron polices into a single entity to be known as Suncorp Life and Superannuation Ltd from January 1 next year…
DCS opens Brisbane office to handle property
24 October 2011
Claims services company DCS has opened its second Australian office in Brisbane to cater to Queensland property clients…
Willis offshores Australian roles to India
17 October 2011
Willis Australasia is laying off some of its administrative staff in Australia and is offshoring their roles to the group’s global service centre in Mumbai…
AFM acquisition takes Ausure into wholesale broking
17 October 2011
Ausure Insurance Brokers has bought specialist wholesale broking operation AFM Insurance Brokers for an undisclosed sum…
RACQ commits to flood cover
17 October 2011
RACQ Insurance has joined the growing list of insurers looking to add flood cover as standard in their householder policies…
NZ Treasury values AMI Insurance at $NZ159 million
17 October 2011
The New Zealand Treasury has put a fair value of $NZ159 million ($124 million) on AMI Insurance, which had to seek a government rescue package in April due to claims…
IAG NZ makes first moves back into Canterbury
17 October 2011
IAG NZ has reinstated standard underwriting for home and contents insurance in the outer Canterbury region…
QBE given Lloyd’s Solvency II green light
17 October 2011
QBE is among four managing agents to be given a “green light” under the traffic light system Lloyd’s is using to measure progress on Solvency II…