Australian market News

BMS to Acquire Australian Broker Western United Financial Services

BMS Group, the London-based independent specialist re/insurance broker, has entered into an agreement to acquire West Australian specialist broker Western United Financial Services (WUFS). The terms of the transaction have not been disclosed. WUFS was founded in 2002 and offers …

Australia Regulator Questions Benefits of ANZ’s $3.3B Suncorp Buyout

Australia’s competition regulator said it was unconvinced a planned A$4.9 billion ($3.32 billion) buyout by Australia and New Zealand Banking Group Ltd. of a smaller rival would bring public benefits, in a blow to one of the year’s biggest deals. …

Specialty Re/Insurer Canopius Expands in APAC, With Launch of Melbourne Office

Canopius Group, the global specialty re/insurer, announced the opening of a new trading office in Melbourne, Australia. The operation will be led by David Mutton, who joins Canopius as casualty underwriter, APAC with immediate effect. Canopius will initially underwrite casualty …

Lockton Launches Affinity Biz in Australia, New Zealand and Pacific, Led by Dasgupta

Lockton, the world’s largest privately owned insurance brokerage, announced the launch of an Affinity Schemes business in Australia, New Zealand and Pacific. The business will be led by Tanya Dasgupta who recently joined Lockton as National Manager – Affinity Schemes …

Australia’s Financial Services Firms Failing to Narrow Gender Pay Gap: Report

Australian employers are failing to narrow the pay gap between men and women, with finance firms among the worst offenders. Females earned 22.8% less than males, the first time that progress has stalled since the government Workplace Gender Equality Agency …

Data on Natural Disaster Risks Crucial for Australia’s Climate Resilience

Public data on natural disaster risks for homeowners and businesses will be crucial for making Australia’s economy more resilient to climate change, according to the head of sustainable finance at National Australia Bank Ltd. There’s a growing collective effort by …

Ardonagh Group to Buy Australian Insurance Investment, Distribution Firm Envest

The Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Envest Pty Ltd., an Australian insurance investment and distribution business. Headquartered in Brisbane, Queensland, Envest operates with a diverse portfolio of brands and a national …

Australian Corporate Watchdog Investigates Firms for ‘Greenwashing’

Australia’s corporate watchdog is investigating several companies and financial institutions for “greenwashing,” or exaggerated claims regarding environment-friendly investment and products, a senior official said on Tuesday. The Australian Securities and Investment Commission (ASIC) has been increasing its oversight of climate-related …

Proposed Australian Law Would Make It Employers’ Job to Stop Sexual Harassment

New legislation introduced into Australia’s Parliament will place a “positive duty” on employers to prevent workplace sexual harassment, as part of sweeping changes to improve worker safety. Under the proposed law, introduced by the government into Parliament on Tuesday, employers …

Australia on High Alert for Foot-and-Mouth Disease in Its Cattle Herds

Australia is on high alert for foot-and-mouth disease in its cattle herds after traces of the virus were found on imported animal products. The disease is already ripping through Indonesia, and is creeping ever closer to paddocks Down Under, where …