Australia News

Insured Losses from Australia’s Storms Rise to $41.6M

The Insurance Council of Australia (ICA) has expanded the footprint of the latest insurance catastrophe to include the east coast of Victoria and Tasmania’s northern and eastern coastlines. The declaration increases the insurance claims and losses attributable to the severe …

Australia’s Storms Estimated to Cost Insurers $28 Million: Insurance Council

The Insurance Council of Australia (ICA) has declared an insurance catastrophe after the storms that pounded the east coast of Queensland and New South Wales (NSW) over the weekend. By Monday, June 6, insurers had received more than 11,150 claims …

StarStone, Subsidiary of Enstar, Creates Australian Underwriting Hub

StarStone, the global specialty insurer and subsidiary of Enstar Group Ltd., announced the creation of an underwriting capability in Australia.  The new hub will operate alongside Enstar’s existing Australian operation, subject to regulatory approval. StarStone Australia will be led by …

Australia Nears Record for Fewest Cyclones Since 1970 – Thanks to El Niño

El Niño is getting some of the credit as Australia nears a record for the fewest tropical cyclones since 1970. “With the end of the season approaching and only three cyclones so far, the 2015-16 Australian region tropical cyclone season …

Ironshore International Buys Sydney-Based Savannah Insurance Agency

Ironshore International has acquired the Savannah Insurance Agency of Sydney, Australia, effective immediately. The Savannah Agency team of underwriters will join Ironshore Australia offices, broadening its regional presence by offering select specialty business lines. Katherine Simmonds, managing director of Ironshore …

Allied World Appoints Herron as VP in Australia Professional Liability Team

Allied World Assurance Co. Holdings announced that Michael Herron was appointed vice president, Professional Liability – Allied World Global Markets. Based in Sydney, Australia, Herron will be responsible for the growth and development of the company’s Australian professional liability business. …

XL Catlin Opens Brisbane Office, Continuing Regional Expansion

XL Catlin’s insurance segment announced it has opened its third office in Australia, located in Brisbane. The office will be initially staffed by Geoff Still and Steve Rogers covering property & casualty underwriting, respectively, with expansion planned into other lines …

BHSI Launches D&O & PI Cover in Australia, Expands Team

Berkshire Hathaway Specialty Insurance Company (BHSI) has launched four new executive and professional lines policies in Australia and named Sami Jaghbir as senior underwriting manager, Executive & Professional Lines, in Brisbane, and Richard Johnson as senior underwriting manager, Executive & …

Australia Wildfire Insurance Losses Double to A$53 Million ($38 Million)

Losses from wildfires that destroyed more than 100 homes along a popular tourist stretch in southeastern Australia more than doubled in two days to A$53 million ($38 million) and are expected to climb further, the Insurance Council of Australia said. Bushfires that …

Australia’s Suncorp Slumps Most Since 2009 on Insurance Margins Warning

Suncorp Group Ltd., Australia’s largest insurer by market value, plunged the most since 2009 after saying margins in its general insurance business will be hit by storm claims and increased costs due to a weaker local currency. Its shares dropped …