Australia News

A.M. Best: Australia’s Nat Cat Losses Will Challenge Underwriting Profits

A string of recent major natural catastrophe events in Australia is expected to materially affect non-life insurers’ upcoming earnings for the fiscal year that ends June 30, 2015, according to an A.M. Best briefing. However, the Best’s Briefing, titled, “Recent Natural Catastrophe …

Aspen Re Appoints Parker and Wedlock Within Asia Pacific Region

Aspen Re, the reinsurance segment of Aspen Insurance Holdings Limited, announces the appointments of Andrew Parker as head of its Australian branch in Sydney and senior underwriter and Paul Wedlock as senior underwriter – both within its Asia Pacific region. …

Berkshire Hathaway Specialty Expands Into Australia; Colahan Leads Region

Berkshire Hathaway Specialty Insurance Company (BHSI) announced it has received its insurance license to provide all lines of general business in Australia, established operations in Sydney, and named Chris Colahan as president of its Australasia region. “BHSI is committed to …

Windstorm Niklas Was Costliest Non-U.S. Event in Q1 2015: Impact Forecasting

Impact Forecasting, Aon Benfield’s catastrophe model development team, released the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster events that occurred worldwide during March 2015. The report reveals that Windstorms Mike and Niklas swept …

QBE Returns to Profit During 2014 as North American Unit Improves

QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, climbed the most in four years in Sydney stock trading as an improving North American business and lower provisions helped it return to profit. Net income in the year ended Dec. 31 …

Australian Tropical Cyclones Weaken After Destructive Winds Hit Coast

Two severe tropical cyclones that lashed Australia’s north and east coasts with destructive winds have been downgraded after hitting the mainland. No deaths or injuries have been reported in their wake. Cyclone Marcia has weakened two categories after crossing the …

Lloyd’s Appoints Mackinnon as General Representative in Australia

Lloyd’s, the specialist insurance and reinsurance market, has appointed Christopher Mackinnon as its new general representative in Australia. Mackinnon starts in early February and brings with him more than 21 years’ experience in the international insurance industry, having extensive knowledge …

Ironshore Australia Launches Marine Unit to Cover Fine Art, Specie, Cargo Classes

Ironshore Australia has entered the fine art, specie and cargo insurance sectors in Australia through the creation of a new marine unit. Ironshore’s team will focus on underwriting a range of both static and transit fine art risks for Australian-based …

Guy Carpenter Facilitates Launch of Multi-Peril Crop Insurance in Australia

Guy Carpenter & Co., LLC, a global risk and reinsurance specialist and member of Marsh & McLennan Cos. has facilitated the launch of a Multi-Peril Crop Insurance (MPCI) product for Australian grain growers for the 2013 crop season. The product …

Services Trade Talks Begin as WTO Seeks Way out of Stalemate

Countries representing 70 percent of the global economy are set to negotiate lower barriers to trade in services after agreeing the structure of a deal, Australian Trade Minister Craig Emerson said in an interview. The push for a deal on …