NRMA, Australia’s largest insurer, has apparently weathered the management shakeup which began last April and saw the departure of its chairman Nick Whitlam and its managing director Eric Dodd. Standard & Poor’s, the international rating service, announced that it was …
PlaneShark ™, an on-line air transportation publication, based in Palo Alto CA, announced that it has put together “a comprehensive listing of aviation focused insurance agents, brokers, and underwriters on its website.” The on-line magazine specializes in all aspects of …
KPMG partner Tony McGrath, the provisional liquidator for Australia’s HIH Insurance Ltd., released his provisional estimates on Friday confirming the insurer’s mounting debts – the minimum deficit now reaches A$2.7 billion ($1.4 billion). The losses could well continue to increase …
As estimates of its potential losses mount, the collapse of HIH, Australia’s second largest insurer, continues to cause problems for the government, the insurance industry and numerous policy holders. In an effort to satisfy the growing demand for an official …
Lloyd’s decision to begin reporting its syndicates profits and losses on an annual basis, rather than over three years, proved costly. Last year’s losses are estimated at £3.11 billion ($4.5 billion) overall, and WTC loss estimates rose slightly to £1.98 …
Australia’s QBE Insurance expanded its Latin American presence with the purchase of Argentina’s HIH Aseguradora de Riesgos del Trabajo from HIH, and three other South American insurers from the U.S.’s financially troubled Reliance Group. QBE paid around $25 million to …
Angry shareholders of Australia’s largest insurance company, NRMA, have forced the resignation of both the Chairman, Nick Whitlam and the managing director, Eric Dodd. Both executives had been criticized by major shareholders and fund managers for their policies on disclosing …
HIH Insurance Ltd., following in the footsteps of ReAC and GIO, became the latest Australian insurance company to be forced to the wall by mounting losses. Rumored to be in deep trouble for the last six months, the company, at …
Three Hong Kong based subsidiaries of HIH Australia have been placed under independent administration by the local government, following a preliminary accounting which revealed that their assets included a large portion of accounts receivable from the parent company, which was …
After the U.S., Canada, France, Spain and Australia, ING, Holland’s giant banking and insurance group, has brought its one-stop bank, ING Direct, to Italy. The opening is the latest in ING’s efforts to build a global banking system based “direct …
