Weekly wrap: Suncorp group director resigns

Weekly wrap: Suncorp group director resigns | Insurance Business

Weekly wrap: Suncorp group director resigns
Suncorp Group director steps down

Suncorp group non-executive director IIana Atlas has resigned from her post after more than three years to take a similar position in the financial services industry.
Atlas joined the board in January 2011. She was most recently the chair of the remuneration committee and a member of the risk committee.
Suncorp chairman Zygmunt Switkowski thanked Atlas and “wished her well in her future endeavours”.
Insurer ‘delighted’ with institutional share placement response

QBE has successfully completed an institutional placement of approximately 64.4 million of ordinary shares at AUD$10.10 per share, in a bid to raise $650m of new capital.

QBE said the placement was oversubscribed and supported by existing domestic and offshore institutional shareholders.

Group CEO John Neal spoke of his “delight” with the response to the institutional placement, noting that it demonstrates shareholder confidence in the company and its capital initiatives.

Settlement will take place on Tuesday 26 August. The placement shares will be alloted and quoted on the Australian Securities Exchange on Wednesday 27 August.

The insurer will also offer retail shareholders in Australia and New Zealand the opportunity to participate in a non-underwritten share purchase plan (SPP) to raise $160m.

The SPP offer period is from 1st to 12th September and the SPP allotment date is tabled for 1st October.

Zurich Australia delivers ‘record half year’ profit

Zurich Australia has said its general insurance business delivered a record half year business operating profit of AUD$99m, which includes the commercial, global corporate and New Zealand business.

However, gross written premium took a slight fall: in US dollar terms they fell from USD$649m in the first half of 2013, down to USD$560m in 2014. Zurich said the devaluation of the Australian dollar against the US dollar over the past year contributed to the decline in reported gross written premiums.

Stuart Spencer, Zurich’s general insurance business CEO for the Asia Pacific region, said that while the result benefited from a benign CAT environment, it was “significantly ahead of expectations”.

He also praised the combined operating ratio of 92%, adding that Zurich is “well capitalised and has a full investment agenda on the table”.