QBE Appoints

Mark Milliner reappointed as ICA President

Mark Milliner reappointed as ICA President The Board of the Insurance Council of Australia (ICA) have announced the return of Mark Milliner as President from July 1, 2016. Mark Milliner, who is IAG’s Chief Operating Officer, previously held senior roles at Suncorp, most recently as CEO Personal Insurance. He was a Director of the ICA Board from 2009 to 2015 and was President from 2012 to 2014. The appointment follows the retirement of Andy Cornish from the ICA Board. Mr Cornish, formerly Chief

Insurer IAG Announces 1st Half Results

  IAG has reported a 1H16 insurance profit of $610 million (1H15:$693 million) and an insurance margin of 14.9% (1H15:13.4%), representing a sound result despite challenging conditions in its core Australian and New Zealand commercial markets. Key financial indicators are: Insurance profit $610 million (1H15:$693 million) Reported insurance margin 14.9% (1H15:13.4%) Underlying insurance margin1 14.2% (1H15:13.3%) including a Berkshire Hathaway quota share positive effect of approximately 250 basis points (bps) Gross written premium (GWP) $5.5 billion (1H15:$5.6 billion) Net profit after tax $466 million (1H15:$579 million) Cash return on equity (ROE)

IAG announces changes

Insurance Australia Group (IAG) Managing Director and CEO, Mr Mike Wilkins, today announced changes to IAG’s executive team effective 31 March 2015. IAG Chief Executive Commercial Insurance, Mr Peter Harmer, will lead the Group’s digital strategy over 2015. Chief Commercial Officer for IAG’s Commercial Insurance business, Mr Ben Bessell, will step into Mr Harmer’s role as acting Chief Executive Commercial Insurance. Ms Leona Murphy will resume the role of Chief Strategy Officer while retaining her current responsibility for managing the program to move

CGU releases details of changes to Lumley brand

IAG has released details of its repositioning of its brands following the acquisition of WFI and Lumley brands. WFI to remain a rural and small business insurance specialist. Insurancenews.com.au is reporting that Lumley will become an underwriting agency and transfer its business clients to CGU on renewal. It is expected the transition will take around a year.       Follow Us       Please note Quotesonline Insurance News is an information

ACCC will not stand in the way of IAG’s acquisition of Wesfarmers’ insurance underwriting business

   The Australian Competition and Consumer Commission has announced that it will not oppose IAG’s proposed acquisition of Wesfarmers’ insurance underwriting business. “The ACCC found that, while the proposed acquisition would reduce the number of key underwriters from six to five for packaged farm insurance and crop insurance in Australia, the level of existing and potential competition in this market would be expected to constrain the merged firm,” ACCC Chairman Rod Sims said. “Significantly, no farmer or grower representative associations expressed concerns

Insurers Reporting Mixed Results

With half yearly profit reporting season in full swing the fortunes for our leading insurers vary, here is summary of some of the results. Insurance Australia Group (IAG) half-year profit jumps 39% with improved performances from each of its businesses in Australia, New Zealand and Asia. IAGs brands in Australia include CGU, NRMA Suncorp, Australia’s largest general insurer by market value with brands like AAMI, GIO and Vero. They group has said its general insurance claims expense increased 12 percent to A$3.2

IAG Increases Catastrophe Cover by 600 Millions

Insurance Group Australia (IAG) has announced an increase in its catastrophe reinsurance programme  from $5 to $5.6 billion for the 2014 calender year. IAG’s Chief Financial Officer, Mr Nick Hawkins, said the Group had taken the opportunity of more favourable reinsurance market conditions to bolster key aspects of its catastrophe protection. “Our catastrophe reinsurance programme remains an intrinsic part of our capital management strategy,” said Mr Hawkins. “The structure of the programme is similar to that of prior years, and contains

Insurance Australia Group Limited purchases Wesfarmers underwriting businesses

     Insurance Australia Group Limited (IAG) has announced the purchase of Wesfarmers Ltd underwriting businesses, the brands include Lumley, WFI and Coles insurance. IAG Managing Director and Chief Executive Officer, Mike Wilkins, said the acquisition is a compelling strategic fit for IAG. “This is a unique opportunity, which is expected to deliver significant long term value for IAG shareholders and unlock further growth potential for our businesses in Australia and New Zealand,” he

Business Cutting Back on Insurance

Insurance Australia Group chief executive Mike Wilkins has told businessday.com.au that Australian companies are seeking lower premiums or are cutting cover, in what IAG see as sign of softning economic conditons. ”People are just very conscious of their expenses and I know for some businesses it’s tough,” Mr Wilkins said QBE, IAG and Suncorp – last week signalled softer rates of domestic growth in revenue from insurance premiums in the year to come.

Alison Deans joins IAG Board as a non-executive director

Insurance Australia Group Limited has Alison Deans joins IAG Board as a non-executive director, Deans has previously been Managing Director eBay Australia, CEO Hoyts Cinemas and held non-executive director positions with Starlight Children’s Foundation and The Griffin Theatre Company, and is a director of Social Ventures Australia. Chairman Brian Schwartz announced the appointment today “Alison has impressive experience in leading significant digital businesses. This combined with her broader strategy and general business experience, gained through senior roles with organisations including Hoyts Corporation

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