Australia News

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 …

Talbot Underwriting Australia Taps Former Catlin Exec Case as Managing Director

Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., has appointed Andrew Case as managing director of Talbot Underwriting Australia. During his 30 years of experience in the insurance industry, Case established and led several businesses in Asia and …

UK’s BMS Launches Melbourne, Australia-based Affinity Broking Operation

BMS Group Ltd., the London-based independent specialist insurance and reinsurance broker, announced the launch of a new affinity broking operation focused on Australia and New Zealand. The team will be based in Melbourne and led by Shamus Breen, working closely …

BHSI & Tego to Provide Medical Indemnity Cover for Doctors in Australia

Berkshire Hathaway Specialty Insurance Co. (BHSI) and Tego Insurance announced they have entered into an exclusive underwriting agreement to provide medical indemnity insurance to medical practitioners in Australia. “We are delighted to work with Tego to bring BHSI’s medical indemnity …