Latest Australia Headlines
All the headlines from our Australia Topic Page, ordered by recency.
AXIS Capital to Acquire Managing General Agent Dexta
Dec 10 2008 // Bermuda-based AXIS Capital Holdings Limited announced that it has agreed to acquire the business and operations of Australian managing general agent Dexta Corporation Pty Ltd. from its shareholders, Ironbridge Capital,...
Catlin Strengthens Product Recall Teams in Sydney, London
Dec 3 2008 // The Bermuda-based Catlin Group Limited announced that it has “significantly strengthened its leadership position in crisis management underwriting with the addition of two experienced product recall insurance...
IAG Estimates Queensland Storm Claims at $38 to $44 Million
Nov 24 2008 // The Insurance Australia Group Limited (IAG) announced that it has received around 6,000 claims as a result of the storms that hit southeast Queensland (See IJ web site –...
Storms Tear through Eastern Australia; One Death Reported
Nov 18 2008 // A series of violent storms tore across Australia’s East Coast, sweeping one man down a storm drain to his death, blowing roofs off houses and knocking out power to hundreds of thousands of buildings. Sunday’s...
S&P Says QBE, PMI Australia Ratings, Outlooks Unchanged
Oct 24 2008 // Standard & Poor’s Ratings Services said that its ‘A-‘ rating on Australia’s QBE Insurance Group Ltd. and its ‘A+’ ratings on QBE’s core operating entities remain unchanged...
PMI Completes Sale of Australian Mortgage Insurance Unit to QBE
Oct 23 2008 // The California-based PMI Group announced that it has completed the sale of its Australian mortgage insurance subsidiary and related Australian holding company to QBE Insurance Group Limited. “The aggregate sale price...
AIG: Picking at the Pieces
Oct 6 2008 // Speculation Abounds as AIG Readies to Sell Off Assets For the moment, giant American International Group (AIG) lives on government life support, for which it’s paying 850 basis points (8.5 percent) over LIBOR,...
Japan Insurers, QBE Seen Eyeing AIG Assets; China Less Likely
Sep 17 2008 // Japan’s well-capitalized and acquisitive insurers and Australia’s top player are seen as potential buyers if reeling U.S. heavyweight AIG sells assets, analysts and fund managers said. However, China’s...
Best Affirms QBE’s ‘A’ Ratings
Aug 29 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of UK-based QBE Insurance (Europe) Limited , QBE Insurance (International) Limited...
Ratings Roundup: Stoneheath Re, Insurance Australia, Toa Re
Aug 26 2008 // A.M. Best Co. has removed from under review with negative implications and affirmed the debt rating of “bb+” on $350 million non-cumulative perpetual preferred securities (preferred securities) issued by...
QBE’s First Half Results Show Gains
Aug 22 2008 // Australia’s QBE Insurance Group’s financial report for the six months ended June 30, 2008 showed increases in most areas, compared to 2007. QBE cited the following figures: — Insurance profit was up 6...
PMI Group to Sell Australian Operations to QBE
Aug 14 2008 // The California-based PMI Group announced that it has entered into a definitive agreement to sell its Australian mortgage insurance subsidiary and related Australian holding company to QBE Insurance Group Limited,...
Best to Sponsor Australia, New Zealand Insurance Industry Awards
Jul 28 2008 // A.M. Best Co. announced that it will participate as a major sponsor of the Australia and New Zealand Insurance Industry Awards. Best said: “The awards, hosted by the Australia and New Zealand Institute of Insurance...
Investigators Focus on Oxygen Tank as Cause of Qantas Explosion
Jul 28 2008 // Australian investigators were focusing on the possibility that an oxygen cylinder could have exploded in mid-flight on the Qantas jumbo jet that made an emergency landing in the Philippines with a giant hole in its...
The Reluctant Bride: Insurance Australia Group Rejects QBE’s Latest Offer
Jun 2 2008 // Quake Shatters China’s Sichuan Province; Willis Shows Off New London Headquarters; AIG Wins One, Loses One After five weeks of high level discussions, Australia’s QBE Group withdrew its offer to acquire...
Insurance Australia Group CEO Steps Down After Rejection of QBE Bid
May 27 2008 // It didn’t take long for a number of angry shareholders of Insurance Australia Group (IAG) to exert enough pressure to force the summary resignation of CEO Michael Hawker. IAG’s board rejected the A$8.2 billion...
Australia Approves AXIS Branch
May 23 2008 // Bermuda-based AXIS Capital Holdings Limited announced that AXIS Specialty Europe Limited, one of its European operating subsidiaries, has been authorized by the Australian Prudential Regulation Authority (APRA) to operate...
IAG Rejects QBE Proposal as ‘Inadequate’ – Offer Withdrawn
May 21 2008 // Australian insurer QBE Group has withdrawn its offer to acquire Insurance Australia Group Limited (IAG), following the decision of IAG’s Board to recommend against accepting the offer. (See IJ web site –...
Insurance Australia Group Lowers Outlook
Apr 28 2008 // Insurance Australia Group Limited (IAG) announced lower earnings projections for its insurance activities for the full year ending 30 June 2008 of between 6 and 8 percent, “mainly due to the impact of high storm...
Insurance Australia Group Rejects QBE Buyout Bid; Takeover Tussle
Apr 16 2008 // Insurance Australia Group (IAG) has rejected an A$7.4 billion (US$6.9 billion; €4.3 billion) unsolicited bid from rival QBE Insurance Group Ltd. as inadequate, the companies said Tuesday. IAG’s response to...
