Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
PMI Group to Sell Australian Operations to QBE
Aug 14 2008 // The California-based PMI Group announced that it has entered into a definitive agreement to sell its Australian mortgage insurance subsidiary and related Australian holding company to QBE Insurance Group Limited,...
Best to Sponsor Australia, New Zealand Insurance Industry Awards
Jul 28 2008 // A.M. Best Co. announced that it will participate as a major sponsor of the Australia and New Zealand Insurance Industry Awards. Best said: “The awards, hosted by the Australia and New Zealand Institute of Insurance...
Investigators Focus on Oxygen Tank as Cause of Qantas Explosion
Jul 28 2008 // Australian investigators were focusing on the possibility that an oxygen cylinder could have exploded in mid-flight on the Qantas jumbo jet that made an emergency landing in the Philippines with a giant hole in its...
The Reluctant Bride: Insurance Australia Group Rejects QBE’s Latest Offer
Jun 2 2008 // Quake Shatters China’s Sichuan Province; Willis Shows Off New London Headquarters; AIG Wins One, Loses One After five weeks of high level discussions, Australia’s QBE Group withdrew its offer to acquire...
Insurance Australia Group CEO Steps Down After Rejection of QBE Bid
May 27 2008 // It didn’t take long for a number of angry shareholders of Insurance Australia Group (IAG) to exert enough pressure to force the summary resignation of CEO Michael Hawker. IAG’s board rejected the A$8.2 billion...
Australia Approves AXIS Branch
May 23 2008 // Bermuda-based AXIS Capital Holdings Limited announced that AXIS Specialty Europe Limited, one of its European operating subsidiaries, has been authorized by the Australian Prudential Regulation Authority (APRA) to operate...
IAG Rejects QBE Proposal as ‘Inadequate’ – Offer Withdrawn
May 21 2008 // Australian insurer QBE Group has withdrawn its offer to acquire Insurance Australia Group Limited (IAG), following the decision of IAG’s Board to recommend against accepting the offer. (See IJ web site –...
Insurance Australia Group Lowers Outlook
Apr 28 2008 // Insurance Australia Group Limited (IAG) announced lower earnings projections for its insurance activities for the full year ending 30 June 2008 of between 6 and 8 percent, “mainly due to the impact of high storm...
Insurance Australia Group Rejects QBE Buyout Bid; Takeover Tussle
Apr 16 2008 // Insurance Australia Group (IAG) has rejected an A$7.4 billion (US$6.9 billion; €4.3 billion) unsolicited bid from rival QBE Insurance Group Ltd. as inadequate, the companies said Tuesday. IAG’s response to...
Ratings Recap: PMI Australia, Feuersozietaet, Avalon Re, Ste. General de Réassurance
Apr 14 2008 // Standard & Poor’s Ratings Services has lowered its insurer financial strength rating on the Australian mortgage insurer PMI Mortgage Insurance Ltd. (PMI Australia) by one notch to ‘AA-‘ from...
Australia’s Rudd Sees Urgent Need for WTO Doha Deal
Apr 3 2008 // Australian Prime Minister Kevin Rudd said on Wednesday that a deal at the World Trade Organization’s (WTO) long-delayed Doha round of trade talks was urgent and possible. “This Doha round is do-able …...
QBE Net Profits up 30% to US$1.786 Billion
Feb 26 2008 // Australia’s QBE Insurance Group announced that operating profit after tax for the year ended 31 December 2007 was up 30 percent to a record A$1.925 billion ($US1.786 billion). Other key highlights for the year were...
S&P Takes Rating Actions -‘Mostly Negative’- on U.S. Mortgage Insurers
Feb 15 2008 // Standard & Poor’s Ratings Services has issued a blanket bulletin outlining the rating actions, which it notes are “mostly unfavorable,” on several U.S. mortgage insurers and their core and dependent...
Pakistan Cricket Board Insurance to Cover Possible Australia Pullout
Jan 23 2008 // The Pakistan Cricket Board has taken out insurance cover to meet possible financial losses should Australia pull out of its scheduled tour starting March due to security fears. “We have insured the series with a...
Australia Faces Fires, Floods After Hot Summer
Jan 8 2008 // Australians battled both fires and some of the worst flooding in decades Monday that stranded residents in several communities after days of intense summer heat and storms. Bureau of Meteorology hydrologist Gordon McKay...
Ratings Roundup: Insurance Australia Group, Bank of China
Dec 21 2007 // Standard & Poor’s Ratings Services has revised its ratings outlook on the counterparty and insurer financial strength ratings on Insurance Australia’s group of companies to negative from stable. S&P...
Ratings Roundup: TokioMarine/Nichido, Zurich Australia, ACE
Dec 18 2007 // Standard & Poor’s Ratings Services has indicated that there will be “no impact on its ratings on Tokio Marine & Nichido Fire Insurance Co. Ltd. (AA/Stable/A-1+) following the company’s...
Insurance Australia Group Claims Report on Sydney Storms
Dec 13 2007 // Insurance Australia Group Limited (IAG) has issued a bulletin noting that as of 11:00 a.m. today, “approximately 13,000 claims had been received as a result of the storm that hit Sydney last Sunday. Further lodgments...
Ratings Recap: Medical Ins. (Australia), Swiss Re Europe, Aseguradora Mundial
Nov 6 2007 // Standard & Poor’s Ratings Services has assigned its ‘BBB+’ rating on Medical Insurance Australia Pty Ltd., a national medical indemnity insurer and the largest in South Australia, with a stable...
Insurance Australia Group Lowers Fiscal Year 2008 Growth Targets
Oct 29 2007 // Insurance Australia Group has revised its guidance for the fiscal year 2008 (IAG’s fiscal year runs from July 1 to June 30). The insurer said it now expects gross written premiums (GWP) to grow between 7 and 9...
