UK’s Chartered Insurance Institute Drops Australian Merger Plans

The UK’s Chartered Insurance Institute said in a brief statement that it has “has decided to terminate the proposed merger with the Australian professional body ANZIIF after a number of financial discrepancies have emerged in ANZIIF’s accounts.”

The CII added that it has “has become apparent that ANZIIF’s revenues are falling dramatically and it is potentially heading for a loss this year. This is the second year running ANZIIF will lose money.”

The organization expressed its deep disappointment that “ANZIIF management only disclosed this information this week.”

In conclusion the CII said it “now feels any merger with ANZIIF would be detrimental to its members’ long-term interests.”

Source: Chartered Insurance Institute - www.cii.co.uk