An independent insurance company, which failed to reach an agreement on matters with a potential buyer, has said it will now focus on its specialist areas rather than look for another acquirer.
Plans for an underwriter to acquire a specialist insurance company have been abandoned after the parties failed to agree on “certain final commercial matters”.
APRA has amended rules it previously introduced for insurers with overseas parent companies which had inadvertently resulted in lower limit exposures.
Investment income took a sharp dive in the year ended March 2014 but APRA stats show the last quarter was better than the previous one.
Constraints on its prudential, operational and financial flexibility are chipping away at APRA's autonomy, according to the regulator, with admissions it has fallen short of global standards
The ACCC has given IAG its seal of approval to buy Wesfarmers’ underwriting business but there are still questions as to how the operation will be integrated.
Industry experts have called for an independent body to issue policies on how the Australian financial system should be managed long term.
The insurers say ACCC’s green light is a “milestone” but must wait for other authorities to also give their seal of approval - and one is stalling.
PLUS: An insurer launches app to make life easier for brokers; an Aussie giant sells $350m of floating rate notes for an acquisition; a Marsh state manager joins a new team, and more.
Yesterday Insurance Business reported on a group buying initiative headed up by a former insurance boss but the industry has slammed the move, demanding greater disclosure and accusing it of “spruiking nonsense”.