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” involving the Australian subsidiary of Berkshire Hathaway’s General Re. The probe is …
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 for parole in two years …
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 conditions and healthy corporate balance sheets, flowing through from …
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 in 2 years. …
The Wall Street Journal reported that Berkshire Hathaway’s National Indemnity Co. has turned over a $2 million premium payment to the Australian liquidator in charge of the bankrupt company HIH Insurance. Once Australia’s second largest insurance group, HIH collapsed in …
Costs per workers’ compensation claim in Pennsylvania rose 6 percent between 2001 and 2002, according to a new report by the Cambridge, Mass.-based Workers Compensation Research Institute (WCRI). This contrasts with more rapid annual growth of 9-10 percent in the …
Aviva (formerly CGNU/Norwich Union) announced a net operating profit for 2004 of £2.344 billion ($4.5 billion), a 25 percent increase from 2003’s £1.72 billion ($3.3 billion). The U.K.’ largest insurer also announced plans to buy RAC (formerly the Royal Automobile …
Bermuda-based Allied World Assurance Holdings Ltd. reported record net income of $103.0 million for the fourth quarter 2004, compared to $87.2 million for the fourth quarter last year. Net income for the twelve months ending Dec. 31, 2004, was $197.2 …
Swiss Re today announced the appointment of Qin Lu as general manager of the company’s Malaysia branch. Andrew Davidson, who served as head of the branch since 2002, is relocating to Swiss Re in Australia to take up a client …
Australia’s QBE Insurance Group announced a record operating profit after tax of A$820 million (U.S. $645 million) for the year ended Dec. 31, 2004, up 43 percent on the profit of A$572 million (U.S.$450 million) last year. Pre tax profit …
