Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
Australian Regulators Investigating Gen Re Contracts
Apr 15 2005 // The waters of the finite reinsurance ocean continue to roil, as the Australian Prudential Regulation Authority (APRA) announced that it has launched an investigation into “certain reinsurance practices”...
HIH Founder Williams Sentenced to 4½ Years
Apr 15 2005 // Raymond Williams, 68, the founder and, until December 2000, the CEO, of failed Australian insurer HIH, was sentenced to 4½ years in prison for his role in the Australia’s biggest corporate failure. He is eligible...
S&P Reports on Australia-N.Z Markets
Apr 14 2005 // A report from Standard & Poor’s concludes that the “Australian and New Zealand markets continued to perform favorably during the first quarter of 2005, driven by a continuation of stable economic...
Former HIH Director Gets 4 Year Sentence
Apr 14 2005 // Rodney Adler, 45, has received a 4 year prison sentence, stemming from his part as a Director in the collapse of HIH Insurance Ltd. in March 2001, Australia’s largest corporate failure. He will be eligible for parole...
Promina Group Posts 53.7 Percent Net Profit Increase to $360 Million; S&P Comments
Feb 22 2005 // The Promina Group, Australia and New Zealand’s second largest general insurer, posted a 53.7 percent increase in net profits for 2004 to A$458 million (U.S. $360 million), despite a decision to increase its reserves...
IAG Plans to Buy 25% of China Pacific Property
Feb 21 2005 // Insurance Australia Group (IAG), the country’s largest automobile and home insurer, is reportedly planning to buy a 25 stake in China Pacific Insurance Co.’s property unit. A report from Bloomberg.com said that...
The Asian Catastrophe: An Unprecedented Event Evokes a Global Response
Jan 24 2005 // Certain events mark each generation, but as the scope of the disaster that struck 12 countries around the Indian Ocean on Dec. 26 emerges, it has become evident that it will haunt not just the present generation, but many...
S&P Sees No Effect on Australian Insurers’ Ratings from Tsunami Losses
Dec 29 2004 // Standard & Poor’s Ratings Services has issued a bulletin stating that it does not expect Australian general insurers to be materially affected by the cost of insurance claims arising from the Indian Ocean...
$43 Million Belfast Bank Heist; No Insurance
Dec 23 2004 // As more details emerge from Britain’s biggest bank robbery, it’s become clear that the Northern Bank in Belfast, Northern Ireland, which is owned by The National Australia Bank, had no insurance coverage. A...
Hardie Building Group $1.1 Billion Asbestos Settlement is Largest in Australian History
Dec 22 2004 // Although asbestos was used in such disparate products as building insulation and brake linings, in its raw form it came out the ground, and nobody in Australia mined and processed more of it than the James Hardie group....
S&P Report Concludes Australian P/C Industry Stable
Dec 14 2004 // The credit outlook on Australia’s nonlife insurance industry will remain stable in 2005, despite moderation in earnings, according to Standard & Poor’s Ratings Services latest industry report card on...
S&P to Withdraw Swiss Re (Australia) Ratings Jan. 1
Dec 14 2004 // Standard & Poor’s Ratings Services announced that on Jan. 1, 2005, it will withdraw its “A”‘ insurer financial strength and counterparty credit ratings on Swiss Re Australia Ltd., a subsidiary...
Actuaries Address Concerns Over Professions Integrity
Dec 10 2004 // The actuarial profession in several countries is developing new rules and standards to affirm its integrity and competence to the public, said international representatives at the Casualty Actuarial Society (CAS) annual...
Gallagher Acquires Australian Broker FPE
Dec 3 2004 // Arthur J. Gallagher & Co. announced the acquisition of FPE Insurance Brokers Pty Ltd. of Sydney, Australia. The terms of the transaction were not disclosed. “First organized in 1993, FPE Insurance Brokers Pty...
FINEOS Enters Australian Market with CommInsure Sale
Dec 1 2004 // Dublin-based FINEOS Corporation, a leading provider of banking and insurance software, announced that CommInsure, the insurance arm of the Commonwealth Bank of Australia Ltd., is to deploy FINEOS Front Office to support...
S&P Rates IAG Notes ‘A-‘
Nov 22 2004 // Standard & Poor’s Ratings Services announced that it has assigned its “A-” issue rating to the A$500 million (U.S. $392 million) issue of Reset Exchangeable Securities (RES) by the New Zealand branch...
Best Affirms ACE Australia ‘A’ Rating
Nov 18 2004 // A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of ACE Insurance Limited (ACEAU) (Australia) with a stable outlook. “The rating reflects ACEAU’s strong...
Best Announces Rating Actions on QBE Group
Sep 21 2004 // A.M. Best Co. announced that it has assigned an issuer credit rating (ICR) of “bbb+” to Australia’s QBE Insurance Group Limited, the non-operating holding company of the QBE group of companies. Best also...
DRI Australia Conferences on “Frivolous Lawsuits”
Aug 26 2004 // The Defense Research Institute, which groups some 22,000 defense lawyers, announced two upcoming conferences in Australia focused on the threat “frivolous lawsuits” may pose outside the U.S. The DRI noted that...
Karrie Webb Spins Cycle of Success
Aug 9 2004 // Australia may not be known in the United States as a hotbed for golf, but the country has not had a shortage of talented players over the years. One such person from Down Under who has made a name for herself on the links...
