Everest Insurance Launches in Australia, Expands Asia Pacific Business
Everest announced it has officially launched its Australian Insurance operations after receiving approval from the Australian Prudential Regulation Authority. The business will operate under the name Everest Insurance Australia® with offices established in Sydney and Melbourne.
Christian Colombera, Managing Director, Australia and Head of the Pacific Region will lead the business alongside a team of best-in-class regional underwriters to serve the growing needs of corporations across the Australian market.
“As we continue enhancing our global presence, we bring Everest’s customer-first model and decades of underwriting discipline and financial strength to address the unique and growing needs of the Australian market,” said Mr. Colombera. “We have assembled a deeply experienced team with a keen understanding of local market dynamics and the challenges facing businesses demanding the capacity and expertise across a wide range of insurance needs that Everest will deliver.”
Everest’s breadth of bespoke insurance products will help fill a crucial void for tailored risk solutions in the property, casualty, financial lines, professional lines, and energy and construction sectors with the speed and agility required in the current insurance landscape.
Commenting on the announcement, Scott Leney, Head of Asia Pacific, Everest Insurance International® said, “Australia is a top-ten global insurance market ripe for Everest’s agile and entrepreneurial approach to risk. Australian clients and brokers need Everest’s financial support, top industry talent and broad suite of specialty products and capabilities.”
“Our disciplined expansion strategy positions Everest as a preferred market leader, bringing the full strength of Everest resources to key regions like Australia and globally,” said Jason Keen, co-lead of Everest Insurance International®.
HDI Global Specialty appoints new head of aviation for Australia and New Zealand
HDI Global Specialty has appointed Dylan Jones to the role of Head of Aviation, Australia and New Zealand.
Dylan, who has over 20 years’ experience in the aviation sector has been promoted from his role as Senior Underwriter – Aviation at HDI Global Specialty SE – Australia. Dylan’s previous roles include Aviation Senior Underwriter at Swiss Re Corporate Solutions and Senior Broker, Aviation Insurance Brokers Australia. He also holds a commercial pilots license.
The promotion follows the move by former head of aviation Jamie Bowes’ to head up the group’s General Aviation centre of competence in Stockholm.
Dylan commented: “I am looking forward to working with and growing our aviation team and building on the success we have enjoyed since the business was established in 2019. Having been part of building very strong foundations, I am excited about now having the opportunity of being able to drive forward and further develop our strategy for profitable growth.”
Mark Fleiser, Head of Australian Branch, HDI Global Specialty SE added: “I would like to extend a big thank you to Jamie for his contribution in establishing our aviation book and whilst it is sad to see him move on, I am delighted that our policy of building strong teams means we are able to internally promote someone of the calibre of Dylan to the leadership role. Dylan is well equipped to take on the task of leading further expansion of our general aviation activities in the region off the back of an already well-established operation.“
Barclays granted license to operate as a foreign ADI in Australia
Barclays today announced that the Australian Prudential Regulation Authority (APRA) has authorised Barclays Bank PLC to operate as a foreign authorised deposit-taking institution (ADI) in Australia. Barclays Bank PLC Australia Branch is targeted to go-live as a foreign bank branch locally in April 2022.
Australia is an important part of Barclays’ growth plans in the region. Establishing the branch in Sydney is a key milestone in growing the bank’s client base and enabling it to deliver more to its Australian corporate and institutional clients.
“Australia presents tremendous growth opportunities and is an important financial services market in the region,” said Jaideep Khanna, Head of Barclays, Asia Pacific. “This foreign ADI license reinforces our commitment to Australia and enables us to proactively serve our clients with our global Corporate & Investment Bank platform, supporting their cross-border growth ambitions even further.”
Under the leadership of Richard Satchwell, Country CEO and Head of Investment Banking, Australia, Barclays has been a leader locally in the Australian leveraged finance market, successfully re-established its place amongst the strongest banks for offshore capital markets issuance and played an active role in offering innovative Environmental, Social, and Corporate Governance (ESG) solutions, as well as supporting key clients across their acquisition financing requirements. Richard will continue to lead Barclays’ Australia growth initiatives and build further upon the momentum with its local strategic partner, Barrenjoey Capital Partners.
“The ADI license granted to Barclays is an important step in demonstrating to clients our commitment to the Australian financial market,” added Richard Satchwell. “Barclays has built momentum steadily in our business over the past few years. We announced our strategic investment in Barrenjoey Capital Partners in September 2020, and are already seeing results of the investment with a strong pipeline of transactions one year on. Today’s news on the ADI license is another landmark and will further accelerate our plans to deepen the dialogue with Australian and global clients looking for opportunities in Australia.”
Barclays re-established its Australia office in 2018 and has been providing global financing solutions to local clients. Barclays is a corporate and investment bank in Asia Pacific and is present in key markets including Australia, China/Hong Kong SAR, India, Japan and Singapore.
Allianz to Buy General Insurance Business of Australia’s Westpac for $534M
Allianz announced it has agreed to purchase the general insurance business of Westpac Banking Corp., the Australian banking group for a deal worth A$725 million (US$534 million).
It will also enter into a new 20-year exclusive agreement for the distribution of general insurance products to Westpac customers in an expansion of its existing bancassurance agreement, which has been in place since 2015.
Under the new distribution agreement, along with the existing products of motor, caravan and trailer and travel insurance, Allianz will issue and service a range of personal insurance products, including home and contents, under Westpac Group’s brands.
Subject to receipt of required regulatory approvals, the transaction is expected to complete in mid 2021.
“We are delighted to further strengthen our position in the Australian retail market and happy to expand our relationship with Westpac,” said Oliver Baete, CEO of Allianz SE.
“Westpac has been a long-term business partner for Allianz and we are very pleased to enter into this new agreement,” said Allianz Australia Managing Director Richard Feledy.
“Allianz is a proven bancassurance partner, both globally and locally, and we are committed to further investing in this channel. By combining our insurance and digital expertise we are able to provide valuable protection to Westpac’s customers,” added Feledy.
Bupa Australia: Bushfire relief package available to customers and the communities
The relief package announcement comes after Bupa Australia evacuated some 200 residents at its aged care homes in Eden (South Coast, NSW), Tumut (Riverina, NSW) and Eastwood/Bairnsdale (East Gippsland, Victoria) to other Bupa aged care homes and alternative accommodation.
Bupa Australia has announced a range of measures to support employees, customers, residents and the community including:
$100,000 donation to the Australian Red Cross Disaster Relief and Recovery Fund;six months of premium relief for eligible Bupa Health Insurance customers*;$10,000 donation to each local Rural Fire Service and Country Fire Authority where our homes have been impacted, starting with Eden, Tumut and Bairnsdale;up to 20 days paid community service leave for employees who are involved in the firefighting and disaster relief effort, along with counselling support for those who have been personally impacted;selected dental and optical services** for eligible Bupa customers from Bupa Optical and Bupa-owned dental practices; andexpansion of our Workplace Giving campaign to support the Red Cross Relief and Recovery appeal and our volunteer fire fighting services, with all employee donations being matched by Bupa until the end of January.
Bupa Australia and New Zealand’s Chief Executive Officer, Hisham El-Ansary said Bupa was committed to helping in any way it could during the horrific bushfires.
“Bupa’s immediate focus has been on the safety and care of our aged care residents who live in the impacted areas. We have worked closely with the relevant authorities and acted quickly to ensure that some 200 of our residents have been moved to locations where they can be cared for safely” Mr El-Ansary said.
“Our hearts go out to those who have been impacted by some of the worst fires we have seen in recent times. Our disaster relief package is designed to lessen some of the burden that many will be feeling, while also supporting the efforts of the brave firefighters and emergency services volunteers. I also acknowledge the dedication of our nurses and carers, some of whom have been personally impacted, as they work to comfort our residents during this difficult time,” Mr El-Ansary said.
Credit Suisse announces new Australia CEO
Credit Suisse announced the appointment of Richard Gibb as CEO of Australia, effective October 2019.
Richard joins from Deutsche Bank where he has worked for the past 10 years, most recently as Head of Corporate Finance, Asia Pacific, since 2016, based in Hong Kong and prior to that as Global Head of Financial Institutions, based in New York. Richard has more than 30 years’ experience in Investment Banking senior leadership roles across Hong Kong, New York and Sydney, also with Merrill Lynch, Bankers Trust and Westpac.
As CEO of Australia, Richard will lead the Australian franchise across Investment Banking and Capital Markets, Private Banking, Markets and Financing, driving the business and client strategy to maximize profitability, to harness business opportunities and grow the business. He will also focus on maintaining a strong corporate governance framework and regulatory relationships in Australia.
Helman Sitohang, CEO of Credit Suisse, Asia-Pacific, said: “I look forward to having a strong talent of Richard’s calibre join our Asia Pacific leadership team and continue to build on the success of our Australia business.”
Mr Sitohang also praised outgoing Australia CEO, John Knox, who has decided that this year will be his last at Credit Suisse. John Knox and Richard will work together on a smooth leadership transition in the coming months.
“I would like to thank John for his various contributions to Credit Suisse over the last 24 years. He leaves with our best wishes for the future,” he said.