Australian market News

Ardonagh to Acquire Australia’s PSC Insurance Group for A$2.3 Billion

Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Australia’s PSC Insurance Group Ltd., in a deal valued at A$2.3 billion (US$1.5 billion). PSC is a diversified insurance services group that operates brokerage businesses and …

Arthur J. Gallagher & Co. Buys Health Insurance Consultants Australia

Arthur J. Gallagher & Co., the Rolling Meadows, Illinois-based broker, announced the acquisition of Melbourne, Victoria-based Health Insurance Consultants Australia (HICA). Terms of the transaction were not disclosed. HICA is a specialist health insurance consultancy and brokerage firm serving corporate …

Uber Pays Australian Taxi Drivers $178 Million in Settlement

Uber agreed to pay A$271.8 million ($178 million) to compensate thousands of taxi drivers in Australia who claimed they lost income when the ride-share company entered the local market. Uber Technologies Inc. settled the class action brought by more than …

Many Australians Abandon Insurance as Premiums Surge on Climate Costs: ICA Head

Increasing numbers of Australians are abandoning their insurance policies as premiums surge in response to climate-linked natural disasters, the head of the Insurance Council of Australia said. Over a million households now face home insurance affordability stress, Andrew Hall said …

Markets/Coverages: Coalition Offers Active Cyber Insurance in Australia

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, launched its suite of Active Cyber Insurance products in Australia. Active Cyber Insurance works with organizations to help them understand their cyber risk profiles, improve their defenses, and, ultimately, …

Insurance Premiums Are Big Driver of Australian Inflation

Australian inflation is being driven by climate change, geopolitical shocks and government policies — factors typically beyond the Reserve Bank’s control. Yet economists still anticipate it will have to respond with monetary tightening as soon as next week. In a …

US Insurance Giant Marsh Set for $448 Million Honan Deal

Marsh has agreed to acquire Honan Insurance Group Pty Ltd. as the US insurance broker giant seeks to expand its presence in Australia and New Zealand. The Marsh & McLennan Cos Inc. unit has signed a deal to buy out …

Australia’s Climate Risks Are Making Home Insurance Unaffordable

Australian home insurance premiums jumped the most in two decades in the past year, driven by weather catastrophes and higher building costs, new research showed. Median home insurance premiums surged 28% to A$1,894 ($1,240) in the year to March 31, …

Point of No Return? Australians Fight for the Right to Work Permanently From Home

Before COVID-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 a.m. to hand out assignments. Now that they work from …

BMS Group Acquires Australia’s Bluebook Insurance Brokers

BMS Group, the London-based independent specialist re/insurance broker, has entered into an agreement to acquire Brisbane-based specialty broker Bluebook Insurance Brokers. The deal is the sixth Australian acquisition by BMS in the past 12 months as the company looks to …