Policies and Practices

Compulsory Coverages

Tariffs and Tax Info

Reinsurance Restrictions

ISN's respected monthly journal covering developments in insurance markets around the world since 1966.

Insightful Market Commentary
Agent, Broker & Consultant News
Regulatory Updates
Company Results

Print page

Email page

Home . International Insurance News . AUS / NZ . HDI-Gerling Starts Operations in Australia

HDI-Gerling Starts Operations in Australia

Thursday, October 15, 2009

Sydney, October 15, 2009 – HDI-Gerling announced that the Australian Prudential Regulation Authority (APRA) has granted HDI-Gerling Industrie Versicherung AG (HG-I) authorization to conduct general insurance business as a foreign incorporated insurer in Australia through a branch operation with effect from 1 October 2009.

The purpose of the Australian Branch operation, in the first instance, is to underwrite Engineering, Clinical Trials Insurance and the local policies of HG-I International Programs,

You may be aware that the Engineering Department of HG-I in Hannover has, since 2005, underwritten a portfolio of major Australian and Australasian construction and engineering all risk projects, The commencement of the branch is an affirmation of the long term commitment of HG-I to the engineering portfolio with the advantages of a local underwriting capacity, administration and claims service focus, Renewable business, where applicable, in respect to the portfolio underwritten by HG-I, Hannover will be transferred at expiry date to the Australian branch office.

We are pleased, as an APRA regulated insurer supported by a recognized global leader in this field, to offer a Clinical Trials insurance product to the Australian market, Features of the HG-I claims made policy includes the ability to cover Insured parties associated with the conduct of the trial for entire period of the trial plus a standard 12 month extended reporting period and legal liability provision.

The Branch will replace HDI-Gerling Australia Insurance Company Pty Limited (HDI-GAUS), a subsidiary of the HG-I Group, as the Australian insurance carrier for the local regional policies of HG-I Group International Programs (IPs) incepting on or after 1 October 2009, The underwriting, claims and administrative functions arising from all policies issued by HDI-GAUS shall continue to be managed by the subsidiary.

All staff currently employed with HDI-GAUS will be involved with the new branch operation. For your convenience, please note the key persons and their roles within HDI-Gerling Industrie Versicherung AG, Australia Branch below. Please feel free to address any enquiry to the undersigned or to the relevant colleague listed.

As background, HG-I, which is a Talanx AG Group company, is a direct insurance company licensed in Germany by the Federal Authority for Financial Services Supervision (BaFin) and an international company which operates as a primary non-life insurer providing tailored insurance solutions for global organizations, industrial holdings and medium-sized companies.

Talanx is the finance and management holding company at the head of the Talanx Group. With a gross premium income of EUR 19 billion for 2008, the Talanx Group is the third largest German insurance group and is active worldwide with a staff of about 17,000 employees as of year-end 2008. Talanx, with its original foundations extending back to 1903, does business in the segments of Property/Casualty Primary Insurance, Life Primary Insurance, Property/Casualty Reinsurance, Life/Health Reinsurance and Financial Services.

Your opinion matters!

Click here to leave comments about news and articles.

HDI-Gerling Starts Operations in Australia

Your opinion matters!

Submit a Comment