Thanks for coming: Revisiting the Collapse of HIH

As the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry continues, the Lloyd’s Development Group invited members down to the Lloyd’s hub at 1 O’Connell Street last night to revisit the extraordinary collapse of HIH and the Royal Commission that followed.

We were really thrilled to have Andrew Main as our keynote speaker for this event. Andrew is a Gold Walkley award winning financial journalist who reported for the AFR on the HIH Royal Commission as it happened. He later went on to write a book on the subject titled “Other People’s Money  – The complete story of the extraordinary collapse of HIH”.

Andrew Main talk

Andrew threaded together a tale of the makings of the HIH collapse with humour, intellect and a quickly apparent depth of knowledge on the subject. The audience enthusiastically followed Andrew down every rabbit whole he happened upon as he regaled the crowd with stories of the various characters and goings-on of that culminated in one of the largest corporate collapses in Australian history.

A massive thanks to our sponsors Wotton + Kearney for their ongoing support and also to Chris Mackinnon @ Lloyd’s for hosting the event. Thanks to all those who attended and we hope you found it as fascinated as we did!

Next event announced: 1st August 2018

Revisiting the extraordinary collapse of HIH: a keynote address by Andrew Main

Wednesday, 1st August, 2018, 4.30pm – 6.30pm,

@ Lloyd’s Offices, Level 9, 1 O’Connell Street, Sydney NSW 2000

Educational Seminar – Wednesday, 1st August 2018 – [FREE to attend]

97-HIH Crash Fallout Hits more Victims

From the Report of the Royal Commission into HIH Insurance, 13th May 2003:

The major companies in the HIH Insurance Group (HIH) were placed in provisional liquidation on 15 March 2001. The collapse of HIH is likely to be the largest corporate failure in Australia to date. The losses and hardship inflicted on the Australian community by this corporate failure have been significant and have been a major contributing factor to the current insurance crisis. The liquidation process could take up to ten years and the financial return to creditors is expected to be negligible.

As the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry launched in December 2017 continues, the Lloyd’s Development Group invites you to join us in revisiting the extraordinary collapse of HIH and the Royal Commission that followed.

Many of us have heard stories and the headlines of the collapse, but most of us weren’t in the market 15 years ago to experience it.

Join us as Andrew Main sheds some light on the who, what, when, where, why and how things went so wrong.

“The last days of HIH Insurance before it collapse on 15 March 2001 looked more like a closing-down sale in a bargain bazaar during a power cut than a dignified exit from the corporate scene.”

Chapter 1 – Rape and Pillage, “Other People’s Money: The Complete Story of the Extraordinary Collapse of HIH”

Following the conclusion of the keynote address, we are delighted to be serving refreshments and canapés courtesy of our sponsor Wotton + Kearney where we hope you will make the most of the opportunity to connect with fellow attendees.

Wotton + Kearney announced as inaugural Gold Sponsor of the LDG for 2018/2019

The Lloyd’s Development group are delighted to announce Wotton + Kearney as the 2018 / 2019 Lloyd’s Development Group Annual Gold Sponsor.

 W+K have sponsored the Lloyd’s Development Group (LDG) on numerous occasions in 2017 and 2018 and we are now happy to formalise an annual sponsorship arrangement.

We are very thankful to W+K for their continued show of support for the LDG and we look forward to further strengthening the partnership.

The sponsorship will enable us to continue to host free educational and networking events for our members and we already have some exciting events planned for the rest of 2018 and beyond.

LDG sponsorship photo

Angela Vella on “Understanding the relationship between Broker and Underwriter” @Lloyd’s Australia

It was fantastic to have Angela Vella from Gallagher’s speaking on “Understanding the Relationship between Broker and Underwriter” on 12th April at the Lloyd’s Australia office at 1 O’Connell Street. Following a really engaged Q&A session, members enjoyed drinks and canapés courtesy of our gold sponsor Wotton + Kearney.

Angela Vella presentation

Insurers in Court: A Mock Trial

On 1 March 2018, LDG and AILA YP teamed up to bring you what we hope will become an annual event going forward.

Held at the prestigious Banco Court in the Law Courts building we were very lucky to have Counsel, Teni Berberian with Raphael Perla (13 Wentworth Selbourne Chambers) and David Talintyre with Monique Cowden (Level 22 Chambers) present the facts on an Insurance Non-Disclosure dispute before The Honourable Justice Bellew of the Supreme Court of New South Wales who presided over the case.

Our fictional witnesses, Claudia Virgona and Alex Harmer of Liberty International Underwriters really got into character and played their part for our full enjoyment.

This one of a kind event was an entertaining yet educational session and it gave attendees a chance to ponder insurance matters in a court room scenario with a very prestigious panel.

The fun and networking continued with drinks and nibbles at a nearby bar.

This was a sell-out event and we highly recommend keeping your eyes open for its return in 2019!Mock Trial Photo