Insurance Australia Group (IAG) News

Insurance Australia Group, AMMB Seek to Sell Their Malaysian Auto Insurer: Sources

The owners of AmGeneral Insurance Bhd., Malaysia’s second-biggest auto insurer, have restarted a sale process and are seeking as much as $1 billion for the company, people with knowledge of the matter said. Kuala Lumpur-listed AMMB Holdings Bhd. and Insurance …

Australia Insurer IAG Announces CEO Harmer to Retire; Hawkins Named Deputy CEO

Australian insurer IAG announced that Peter Harmer, managing director and chief executive officer, plans to retire by the end of 2020. A flexible nine-month period of transition has been agreed with Harmer to ensure a smooth changeover, said Sydney-based IAG …

Australia’s Bushfires Could Surpass 2009’s Costly Season; Analysts, Insurers Comment

Australia’s bushfire season has months to run and could easily surpass the most costly fire season, 2009’s Black Saturday fires in Victoria, which had a price tag of an estimated A$4.4 billion (US$3 billion), according to Moody’s Analytics, in a …

Insurance Industry Calls for Action to Mitigate Climate Risk as Australia Bushfires Widen

As the devastation from Australia’s bushfires widens, the insurance industry is calling for concerted action to mitigate the impact of climate change. Months of out-of-control fires have burnt an area more than five times the size of Wales and industry-wide …

Australia Faces More Severe Cyclones, Wildfires, Floods as Climate Warms: IAG

Australia faces the prospect of more severe cyclones, wildfires and floods as the climate warms, the nation’s largest insurer said. A 3 degree Celsius increase in global temperatures will lead to higher intensity cyclones moving further south, longer bush fire …

Tokio Marine to Acquire Thai, Indonesian Operations of IAG for $390M

Tokio Marine Holdings Inc. announced on June 19 it has entered into a definitive agreement to acquire Thailand and Indonesia insurance businesses of Insurance Australia Group Ltd. (IAG) for approximately A$525 million (42.8 billion Yen; $390 million) in cash. The …

Insurance Australia Group Plans to Sell Troubled SE Asian Businesses: Sources

Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, under a review of its Asian operations, three people with knowledge of the matter said. IAG, Australia’s biggest …

BHSI Enters Australia A&H Market, Appoints Product Leaders

Berkshire Hathaway Specialty Insurance Co. (BHSI) announced it has launched a full suite of Accident & Health Insurance products in Australia and appointed Daniel Kenny as head of Accident & Health and Shaun Higgerson as senior underwriter, Accident & Health. …

Why Australia’s IAG Decided to Halt China Expansion Plans

When Insurance Australia Group, the country’s largest general insurer, announced ambitious plans in June to ramp up its business in Mainland China, several institutional investors including Jason Kim were seriously concerned. Kim, a portfolio manager at Nikko Asset Management which …

IAG Updates FY14 Guidance: GWP Down, Margins Up

Insurance Australia Group Limited (IAG) announced an update to its guidance for the financial year ending 30 June 2014 (FY14) following a review of expected performance in the first half of the year. IAG said it “has revised its FY14 …