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- October 13 2023
Envest snaps up majority stake in London Australia Underwriting
LAUW, a Sydney-based MGA, writes over US$20m of GWP in professional and financial lines through Lloyd’s syndicates.
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- October 12 2023
Suncorp’s Vero slapped with ‘largest’ ever FMA penalty over multi-policy discounts
The New Zealand regulator said the general insurer and its intermediaries overcharged 42,000 customers by US$6m in premiums between April 2014 and May 2022 on house and contents, vehicle and boat insurance.
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- October 12 2023
IAG’s Hunter Hailstorm loss creep to squeeze H1 margins
Reinstatement costs of US$45m also to hit performance, as IAG's CEO laments a "substantial and sustained reduction" in reinsurance global capacity.
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- October 10 2023
Strata Community ropes in Shaun Feely as chief executive officer
The Sydney-based industry veteran was CEO of Latitude Insurance prior to this appointment.
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- October 9 2023
Envest acquires majority stake in Brisbane MGA Insuret
Founder Jason McDonnell will continue to remain a co-owner and managing director of the fleet business specialist.
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- October 9 2023
Greensill investor alleges Marsh was aware of serious problems: report
The broker says that there were no breach of duties and puts the onus on private equity firm White Oak for due diligence.
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- October 6 2023
Steadfast expands into the US with US$55m broker agency buy
The Australian broker has bought the ISU Group, which has 239 independent members across 43 US states controlling more than US$6.5bn in premiums.
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- October 5 2023
Former RSA chief risk officer William McDonnell to join IAG as CFO
McDonnell, an expert on climate risk, is relocating from London to Sydney and will start on December 11.
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- October 4 2023
Lack of aggregate cover brings earnings volatility to APAC carriers
As rates soar, insurers are retaining more nat cat risk on their books, with the situation set to continue into the 2024 renewals.
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- October 4 2023
FM Global expands to Western Australia with Perth office
Anthony Brown has been appointed account manager and Scott Chapman becomes an account engineer for the Perth office.
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- October 3 2023
AIG’s Toni Ferrier to take over as Marsh McLennan New Zealand CEO
Ferrier, who is chief executive of AIG New Zealand, will lead the broking and consulting group's businesses across the country and serve as president of Marsh New Zealand.
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- October 3 2023
Crawford announces two senior Australian leadership roles
Perth-based Michael Dinan becomes Global Technical Services (GTS) manager for three states, while Matt Donnelly rejoins the adjuster as GTS manager for Victoria and Tasmania.
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- October 3 2023
AB Comsure acquires Brisbane broker CE McDonald
Following this acquisition, the combined entity’s annual gross written premium will be around US$96m.
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- October 2 2023
Union Medical underwriting to remain robust as Covid-19 impact subsides: AM Best
The rating agency has affirmed the Kiwi insurer a rating of A (excellent) with a stable outlook.
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- October 2 2023
Australia’s GI brokers saw 11.4% increase in H1 GWP
The broking sector, which continues its consolidation trend, controlled US$11.9bn of premiums, according to APRA data.
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- September 29 2023
ICA urges New South Wales to drop fire services levy after Tasmania axe
The NSW state levy is forecast to collect US$900m in revenue from insurance customers in FY 2023-24.
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- September 28 2023
Tower ups reinsurance excess for first two events to US$10m
An excess of US$11.9m applies for a third event in FY 2024, while the Kiwi P&C player has decreased its upper cat limit to US$447m from US$557m.
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- September 28 2023
ICNZ chief Tim Grafton to step down
Grafton will continue until his successor is appointed, for which ICNZ has already started the hiring process.
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- September 27 2023
RBNZ invites submissions for final round of consultations over insurance supervision
The regulator started a review of the Insurance (Prudential Supervision) Act in 2017 as it seeks to establish a "more proactive and intensive approach".
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- September 27 2023
Pen Underwriting makes senior level hires in Australia
Dean West has been appointed national construction and engineering manager and Hun Kim joins as chief actuary.
