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| | Other Shoe Drops on HIH Money Woes
By John Millrany - March 27, 2001The other shoe has fallen in the saga of the trials and tribs of HIH Insurance Ltd., the Down Under parent of HIH America Group. Looks like the Sydney-based company itself is going under.
Workers’ Comp Executive reports that on March 21, Australian courts approved HIH’s plan to enter "provisional liquidation" and decided to make the move after a review of the insurer’s operations indicated a loss of $800 million (Australian).
"HIH’s discontinued money-losing operations in the United States and the United Kingdom contributed to the loss. The company’s stock has already ceased trading on the Australian Stock Exchange late February after dropping to a value of a few cents a share," the WC journal said. "US workers’ comp operations last year were placed into a run-off mode, and now the rest of the company in Australia will go down the same path.
"Reacting to the news of liquidation, A.M. Best has downgraded HIH America Group’s rating to C from B+" and other rating agencies have taken similar action.
(See " HIH All Out of Aces?" by Robert Warne, March 1, 2001.) |
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