Australia News

Zurich Buys Australia’s Largest Travel Insurer, Cover-More, for US$551M

Zurich Insurance Group has successfully acquired Cover-More Group Ltd., a leading travel insurance and assistance solutions provider based in Sydney with a strong market position in Australia, India and the U.S. This transaction is an important milestone for Zurich as …

Insurers to Pay an Estimated $1.3B for Cyclone Debbie: Swiss Re

Cyclone Debbie cost Swiss Re an estimated $350 million and the insurance industry roughly $1.3 billion, the world’s second-biggest reinsurer said on Thursday, an unusually high loss that could see reinsurance prices rise in Australia. Cyclone Debbie, a Category 4 storm, slammed into …

Australia Floods in Wake of Cyclone Debbie Kill 4, Disrupt Mining

Damage to rail lines in cyclone-hit northeast Australia is set to disrupt exports of the steel-making material from the world’s largest coking coal region, underpinning prices and raising the prospect of major producers declaring force majeure. The extent of the …

Australia Consumer Watchdog Sues VW’s Audi Unit over Emissions Scandal

The Australian consumer watchdog said on Wednesday it was suing the local Audi unit of Volkswagen AG for intentionally selling more than 12,000 vehicles with software which lied about levels of toxic emissions. This follows a separate suit that the …

Gallagher Buys Australia’s Ace IRM Insurance Broking Group

Itasca, Ill.-based Arthur J. Gallagher & Co. announced the acquisition of Ace IRM Insurance Broking Group, located in Beenleigh, Queensland, Australia. The terms of the transaction were not disclosed. Founded in 1981, Ace IRM Insurance Broking Group (Ace IRM) is a …

Allianz Weighs Acquisition of Australia’s QBE: Sources

Germany’s Allianz has made an informal takeover approach to QBE Insurance, Australia’s biggest insurer, but has not named a price, sources told Reuters on Monday. Shares in QBE closed flat after rising by up to 5 percent, while Allianz was …

2017 Predictions for Insurtech, Australia D&O & India Cyber Insurance, Part 2

Insurtech was an insurance buzzword in 2016 and that’s likely to continue next year when it will permeate almost every aspect of U.S. industry, according to a prediction from international law firm Clyde & Co. Clyde & Co.’s insurance team …

Zurich Insurance Agrees to Acquire Australia’s Biggest Travel Insurer for $551M

Switzerland’s Zurich Insurance Group has agreed to buy Australia’s biggest travel insurance provider, Cover-More Group, for A$741 million ($551 million), stepping up its investment in the Australian market. Global buyers have been drawn to the broader Australian insurance sector, where returns on equity are …

TPA Gallagher Bassett Names McNamara as Managing Director, Australia

Third party administrator Gallagher Bassett (GB)* has appointed John McNamara to the position of managing director – Australia, effective Jan. 1, 2017. McNamara succeeds Jon Winsbury who is moving into the role of executive vice president, Gallagher Bassett International. McNamara …

ANZ’s Life Unit Attracts Interest from Suitors in Japan & Hong Kong: Sources

Australia and New Zealand Banking Group’s sale of its life insurance and wealth business, which has been valued at $3.33 billion by the bank, is attracting interest from Japan’s Meiji Yasuda and Hong Kong-based AIA Group, according to people familiar with the …