About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, August 1st, 9:07AM
rss
Latest Headlines

HIH in full liquidation

The New Zealand rump of failed Australian insurer HIH has been put into permanent liquidation.

Wednesday, July 25th 2001, 9:17AM

The New Zealand rump of failed Australian insurer HIH has been put into permanent liquidation.

KPMG partners Kerryn Downey and Alan Isaac, who have acted as provisional liquidators ,liquidators, were appointed permanent liquidators by the High Court at Auckland last week.

The liquidation affects HIH Casualty and General Insurance (NZ) and HIH Holdings (NZ). The two companies went into liquidation on June 6, following the March collapse of the HIH group.

Isaac said the liquidators could now get on with the job of realising the insurer’s assets and accessing its obligations.

During the interim liquidation they were only able to maintain the companies’ financial positions, he says.

A meeting of creditors, owned an estimated $40 million, will be held by August 13.

Isaac says it was difficult to estimate what assets the companies owned until the position regarding reinsurers was clear.

The liquidation does not affect the recently completed sale of most of HIH Casualty’s insurance business to QBE.

However, it will affect about 300 claims taken over from FAI General Insurance and some other debts not taken on by QBE.

Downey and Isaac said they were working with other liquidators of the HIH group in Australia, the United Kingdom and the United States.

Prior to the group’s collapse HIH Casualty appeared to be doing well, achieving record turnover and profit in the June 2000 year. It had also set up a new structure meant to separate it from the Australian company.

Among the products it offered were workplace accident insurance and professional indemnity insurance.

« AIA cuts ties with SovereignIncome Protection: Mis-selling, or Mistaking the Type of Cover? »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Strategy Thoughts

Tip from the top

Fidelity Income Protection
Changes to the wording make it easier to issue policies, but advisers should be careful about proof of income.

News Bites
Latest Comments
  • [Obituary] Peter Hensley
    “This news was a shock to me, Henso was so young and full of energy, vitality and words. Peter and I fondly remember our...”
    2 hours ago by Carey Church
  • [Obituary] Peter Hensley
    “Very sad news. One of the real personalities of our industry, and he will be missed....”
    2 hours ago by Thom Bentley
  • [Obituary] Peter Hensley
    “So terribly sad to hear this news. I have very fond memories of Pete and my thoughts go out to his family and friends. Rest...”
    3 hours ago by Yvonne Davie
  • [Obituary] Peter Hensley
    “Very sad to hear of Peter's passing. He was a nice guy and always made time to chat and pass on his wisdom. He will be missed....”
    4 hours ago by Trevor Slater
  • [Obituary] Peter Hensley
    “Peter was always up for a game of golf, a chat and a joke - He will certainly be missed - a good man in all ways...”
    5 hours ago by Fred Dodds
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com