Steadfast bid for General Insurer Calliden

August 27th, 2014

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ASX listed Insurance Brokerage Steadafast has announced for a bid for General Insurer Calliden

Steadfast bid to Calliden shareholders based on 46.5 cents per share (41.5 cents per share plus special fully franked dividend of 5.0 cents per share) Steadfast share approximately, the the group would complete a $55m Immediate on-sale of insurance business and certain agencies to Munich Re including the NTA (Net Tangible Assets) of Calliden Conditional upon approvals from regulatory bodies, Calliden shareholders, the Court, as well as other conditions being satisfied

Calliden Group Ltd is an ASX listed company (CIX) specialising in general insurance.

Robert Kelly, Managing Director & CEO, said “Calliden’s eight agencies complement our diverse mix of niche and specialised agencies. On completion of the acquisition, Steadfast will become one of the largest agency groups in Australia with annual GWP of around $300 million. Currently over half of Calliden’s agencies’ insurance sales are generated through Steadfast Network Brokers, which places us in a strong position to enhance their value. We will also endeavour to develop and strengthen their alliances with other distribution networks and non-aligned brokers as well as insurers.”

The annoucement was made at Steadfast results investor presentation where the group ansouced a 2H FY14 dividend of 2.7 cents per share (fully franked), bringing the total FY14 dividend to 4.5 cents per share

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

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Professional Indemnity Insurance requirements for Chartered Practicing Accountants

August 22nd, 2014

Professional Indemnity

Professional Indemnity Insurance requirements for CPA

After a review of Professional Indemnity Insurance requirements for Chartered Practicing Accountants, the CPA has released more details of the recommendations on the CPA website

• The minimum PII cover to be held by a Member will be $2 million (higher PII requirements apply for practices of more than 20 principals or where fee income for the prior year is more than $10 million). Refer to the Professional standards scheme fact sheet (PDF) for all categories

• The new scheme includes coverage of services provided by members with a PPC holding a Limited Australian Financial Services Licence*

• To simplify the scheme, monetary caps have been introduced to replace the previous fee multiplier used to determine upper caps on specific services such as insolvency and audit

• Scheme coverage is provided for all Members who hold a PPC* and may extend to all approved practice entities owned, managed or controlled by Members who hold a current PPC to the extent of any occupational liability arising from the Member’s act or omission and as otherwise covered by the legislation

*The CPA Australia scheme applies to individual members in mainland Australia who hold a CPA Australia Public Practice Certificate (PPC) or Limited Practice Certificate (LPC) and includes services provided by that member as an Authorised Representative or representative of an Australian Financial Services Licence (AFSL) holder or services provided by holders of a Limited AFSL. The CPA Australia schemes do not cover services provided by members who directly hold an Australian Financial Services Licence (AFSL); services provided by members who do not hold a PPC or LPC; or services provided by PPC or LPC holders who are based in Tasmania.

More Details Click Here

Source  www.cpaaustralia.com.au

 

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Allianz Introduce Tsunami Cover

August 18th, 2014

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House Insurance

Allianz has moved to introduce Tsunami cover across its domestic Home products insurance range. The following Flood covers have been updated to extend Tsunami cover:

  • Allianz Classic Plus
  • Allianz Prestige Home

Classic Plus covers householders for a range insured events including, fire, theft, malicious acts, and storm.

Prestige is Allianz highest level of cover and provides protection against accidental loss or damage to home and contents.

A key feature of both policies is new for old replacement of all contents regardless of age. The products include a wide variety of additional benefits and options such as:

  • Fusion;
  • Cover for removal of debris;
  • Additional cost of temporary accommodation; and
  • Spoilage of food.

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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Public Liability Insurer Rebrands

August 13th, 2014

W R Berkley Liabilityberkley_australia

Public liability and professional indemnity insurer  W. R. Berkley Insurance Australia rebrands to Berkley Insurance Australia. W. R. Berkley Insurance Australia (WRBIA), currently a branch of W. R. Berkley Insurance (Europe), Limited (WRBIEL), has announced it will operate as a branch of Berkley Insurance Company (“BIC”). In addition, WRBIA will rebrand to “Berkley Insurance Australia”. BIC is the primary and largest underwriting entity within W. R. Berkley Corporation and maintains an A+ (Superior) rating from A.M. Best and an A+ (Strong) rating from Standard and Poor’s, delivering outstanding security as a further benefit. “We regard Australia as a key contributor to our global strategy of generating long-term risk- adjusted returns in our target markets” says Chairman and CEO of W. R. Berkley Corporation, William R. (Bill) Berkley. “Having Berkley Insurance Australia operate as a branch of Berkley Insurance Company, allows the W. R. Berkley Insurance Group to deliver a more efficient operating platform to further develop the Group’s business in Australia”. Transition to this new operating model will occur over the next 60 to 90 days. New business will be issued by Berkley Insurance Australia, the Australian branch of Berkley Insurance Company.

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Source: Berkley Insurance Australia QuotesOnline offering free Travel insurance quotes Quotesonline Free Insurance Quotes Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

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Steadfast Purchases Stake in Ausure

August 1st, 2014

Steadfast Group Limited (‘Steadfast’) (ASX: SDF) today announced that it has agreed to acquire 72.3% of Ausure Group (‘Ausure’), an Authorised Representative (AR) network of insurance professionals in 150 locations across Australia, including Insure 247 Australia. Ausure has a normalised FY15 forecast EBITA of approximately $4.0 million. Troy Brown, Managing Director of Ausure, said, “Working with Steadfast as members for then past two years has shown the value the Group can bring to our business. The Steadfast Virtual Underwriting (SVU) system alone has dramatically improved the productivity of several parts of our business and we are excited about its future potential to improve our business. With the support of Steadfast, we are now in a position to accelerate our growth initiatives.”   Robert Kelly, Managing Director & CEO of Steadfast, commented, “We are excited to partner with Ausure and believe its AR network provides Steadfast with an opportunity to attract smaller brokers into our fold. Ausure has a history of delivering increasing value for its brokers and other stakeholders and we look forward to helping their network build on this.”

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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Do You Have Appropriate Business Interruption Cover

July 8th, 2014

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Business Interruption Cover

According to the Insurance Council of Australia over 50% of Australian businesses that suffer a physical loss and do not have business interruption cover will not resume their normal business operations. And yet only 30% of SME Businesses have Business Interruption cover as part of their insurance portfolio.

Business interruption insurance, also known as “loss of profits insurance” or “consequential loss insurance”, complements insurance on material assets such as buildings, plant and stock. It is designed to provide protection against loss consequent upon interruption of the turnover to a business as a result of damage to these assets by fire and other contingencies insured under a material damage policy, such as Fire and Extraneous Perils or Industrial Special Risks.

Get a business insurance quote by click here or call to discuss with Insure 247 on 1300 046 787

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Source:

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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AIG Travel Guard Travel Insurance App

July 7th, 2014

Travel insurance quote

AIG’s Corporate Passport Travel Insurance now has an added benefit, with the introduction of the
Travel Guard Mobile App. In conjunction with Travel Guard, AIG has developed Australia’s newest and
most exciting emergency travel App. The App provides you with important travel information at your
finger tips and even puts you in touch with our 24 hour Emergency Assistance Centre, at the touch of
a button.

How it Works

Using your phone’s GPS (no internet needed) the App will determine your location and provide you
with all the contact information you need to get to a hospital, dentist, embassy etc. There’s no need
for constant app updates either. Once you have downloaded the App, it will automatically update its
data each time the device connects to the internet, ensuring you have access to the same up to date
data as Travel Guard itself. This means you can avoid huge data usage while overseas.

 

You can download a copy from Google Play for android and at iTunes

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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IAG completed its acquisition of the Wesfarmers Insurance Australian Underwriting business

July 2nd, 2014

CGU Business Insurance  http://i2.wp.com/quotesonline.com.au/images/lumleys_insurance.jpg

 

 

On Monday 30 June, IAG completed its acquisition of the Wesfarmers Insurance Australian Underwriting business.

CGU have made it clear they intend to take more time to learn about the businesses to ensure that the best people and business practices can be integrated for the benefit of the future organisation.

Things that will stay the same 

- The management of claims
- The products
- Office locations
- Underwriting authorities and risk appetite
- Renewals
- The current risk appetite and combined ability to write risk in all geographies remains unchanged

 

Things that will change

They will be introducing some changes to the way CGU and Lumley compete for new and existing business.

- CGU and Lumley will not compete against each other for existing customer business

Source CGU

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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TAL Australians Attitude To Life Insurance

June 26th, 2014

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Life  

Life Insurer TAL asked 1,266 Australians about their attitude to life insurance, they used the information to create the TAL Australian Financial Protection Index.

The key results include:

  • A 38% increase in the amount of respondents said that felt they were “Fully insured and  feeling covered”
  • Over the last year the level of cover has increased
  • The 39-49 year old age bracket has the highest level of protection
  • Home owners with a mortgage have the highest level of cover
  • Higher income earners have a higher level of protection

 

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

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Professional indemnity premiums down 4 per cent

June 25th, 2014

Professional Indemnity Insurance Quotes

APRA-regulated general insurers wrote $1,318 million of gross premium during the 2013 underwriting year, down 3.5 per cent from the previous year ($1,366 million). This premium related to about 601,000 PI risks written in the 2013 underwriting year, up 12.0 per cent from the previous year (about 537,000).

APRA has released the National Claims and Policies Database (NCPD) figures for Professional Indemnity and Public and Product Liability Insurance for the period 1 January 2003 to 31 December 2013

The combined results for PI & PL resulted in the APRA-regulated general insurers writing $3,036 million of gross premium for the professional indemnity (PI) and public and product liability (PL) classes of business, down 3.8 per cent from the 2012 underwriting year ($3,157 million)

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn't warrants the accuracy of any information contained there in, readers should make their own enquiry's before relying on information in the stories Terms of Service

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