Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
Munich Re: ‘Ever Higher’ Nat Cat Costs; Ups Chile Quake Loss to $1 Billion
Jun 8 2010 // A bulletin from Munich Re, the world’s largest reinsurer, concludes that the “long-term trend towards ever higher natural catastrophe costs” looks set to continue, according to an analysis from its Geo...
Insurance Australia Group Strengthens UK Claim Reserves
Jun 2 2010 // Insurance Australia Group (IAG) has announced that “due to a significant deterioration in UK claim experience, in particular bodily injury claims, it had conducted a further independent actuarial review of its UK...
AXA Extends Talks with National Australia Bank on AXA Asia Pacific Deal
Jun 2 2010 // AXA, AXA Asia Pacific Holdings Limited (AXA APH) and National Australia Bank Limited (NAB) announced that they have agreed to “extend until July 15, 2010 end of day the agreement relating to the proposed transaction...
Report: National Australia Bank to Sell Assets for $13 Billion AXA Deal
May 14 2010 // National Australia Bank, which has seen its $13 billion takeover bid for AXA Asia Pacific Holdings Ltd blocked by the competition regulator, is preparing to sell some assets to appease the government watchdog, two sources...
Tower Australia Eyes AIA Insurance
Apr 8 2010 // Tower Australia Ltd will be interested in buying the “well-run” Australian business of AIA if it comes up for sale, as it moves into the fast-growing group insurance sector, Tower’s chief executive said...
U.S. High Court Weighs Foreign Investors Suing in U.S. Courts
Apr 6 2010 // The Supreme Court indicated this week it could prohibit foreign investors from using U.S. securities law and American courts to sue a foreign bank for fraud. The court heard argument in a challenge from Australian...
Tropical Cyclone Shuts Australia Coal Port, Threatens Sugar Fields
Mar 19 2010 // A tropical cyclone forced Australia’s second-biggest coal port to close on Friday, bringing millions of tons of coal shipments to a halt and threatening to damage thousands of acres of sugar-cane...
Ratings Recap: GIC India, Top Layer Re, AIA (Australia), PartnerRe (notes)
Mar 15 2010 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of General Insurance Corporation of India (GIC), both with stable outlooks. The ratings...
Rising Rivers Flood Rural Australian Towns
Mar 8 2010 // Floods caused by heavy rains have cut off several townships in Australia’s northeastern Queensland state and caused hundreds of millions of dollars in damage, the state’s premier said Sunday. Premier Anna Bligh...
AMP Hints it May Improve AXA Asia Bid
Feb 18 2010 // Australia’s No.2 wealth manager AMP Ltd signaled on Thursday that it had room to improve its $11.6 billion bid for AXA Asia Pacific, but said it had yet to decide on its next move. AMP is in a bid battle with the...
AXA Asia-Pacific Returns to Profit; No Comments on Takeover Bids
Feb 17 2010 // Takeover target AXA Asia-Pacific’s promise of strong growth in 2010 prompted analysts to suggest suitors may consider raising their bids for the firm but top officials declined comment on the $12 billion...
Catlin Opens Office in Melbourne
Feb 16 2010 // Catlin Group Limited has expanded its Australian operations with the opening of a second office in Melbourne in addition to the head office in Sydney. Catlin appointed Rory Morison to head the new operation He has...
Australia Competition Watchdog Concerned over NAB’s AXA Apac Bid
Feb 10 2010 // Australia’s competition watchdog raised concerns on Wednesday over National Australia Bank’s (NAB) $11.6 billion bid for fund manager AXA Asia Pacific, tipping the scales toward rival bidder AMP. NAB, already...
AMP to Consider Position on $11 Billion AXA Asia Deal
Feb 8 2010 // Australian wealth manager AMP Ltd has let its exclusive deal with French insurer AXA SA expire for a joint $11 billion buy of AXA Asia Pacific Holdings, paving the way for rival bidder National Australia Bank to start...
Tropical Storm Magda Threatens Northeastern Australia
Jan 22 2010 // A report from Risk Management Solutions on tropical storm Magda places it at around 500 miles (800 kms) northeast of Port Hedland, Australia, and 520 miles (830 kms) west-southwest of Darwin, according to the Joint Typhoon...
AXA Asia Pacific Profit Upgrade Stirs Talk of Higher Bid
Jan 21 2010 // Life insurer and fund manager AXA Asia-Pacific Holdings Ltd expects to report a forecast-beating profit for 2009, putting pressure on rival bidders to raise their offers in a $12 billion battle for the company. AXA...
Flooded Australian Regions Declared Disaster Zones
Jan 5 2010 // Authorities declared two flooded farming regions in southwestern Australia natural disaster zones Monday as residents in one town nervously watched a rising river in hopes that it wouldn’t break its levees. Parts of...
Wildfires Destroy Homes in Western Australia
Dec 31 2009 // Wildfires roared across a swath of Western Australia on Wednesday, razing almost 40 homes and sending hundreds of people fleeing for their lives, officials and witnesses said. At least three people were injured. Two major...
AIR Analyzes Impact of Tropical Storm Laurence on Western Australia
Dec 17 2009 // According to a report from catastrophe risk modeling firm AIR Worldwide, “severe Tropical Cyclone Laurence made a second landfall this evening [Dec. 16] along the Kimberley coast of north Western Australia State....
NAB Trumps AMP in $12 Billion Offer for AXA Asia-Pacific
Dec 17 2009 // National Australia Bank made a surprise trump bid for AXA Asia Pacific Holdings’ Australian and New Zealand units on Thursday, in a cash deal that would value all the target firm at around $12 billion. The bid tops...
