Weekend Update: Storm claims cost, a major new hire and an insurer acquisition

Weekend Update: Storm claims cost, a major new hire and an insurer acquisition

Weekend Update: Storm claims cost, a major new hire and an insurer acquisition Making news this week, a catastrophe was declared in four states following serious storms, a major brokerage announced a key new hire and an international hedge fund acquired 44% of an Aussie insurer.

The Insurance Council of Australia (ICA) declared a catastrophe in four states following a major east coast low that saw historic flooding.

Parts of Queensland, New South Wales, Victoria and Tasmania were hit by the weather pattern which, so far, has seen insurers receive 14, 500 claims with insured losses pegged at $56 million.

EBM Insurance Brokers announced a key new hire for their business as they look to grow throughout Australia.

The business has announced that Stephen Rinder has taken up a newly created role at the business of general manager – broking (East) and will be based in the Sydney office of the company.

In the role, Rinder will be responsible for the New South Wales, Queensland and Victorian markets.

Finally, an international hedge fund announced that they have purchased a 44% stake in Australian insurer Greenstone.

Canadian-based Caisse de dépôt et placement du Québec (CDPQ) announced the deal, which is said to be worth close to $500 million, according to The Australian.