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	HIH Insurance - Wikipedia, the free encyclopedia
		HIH Insurance was founded in 1968 by Ray Williams and Michael Payne and at this time it was known as "M W Payne Underwriting Agency Pty Ltd".
		HIH received permission from the New South Wales Supreme Court to be placed into provisional liquidation on 15 March 2001.Tony McGrath of KPMG was appointed as provisional liquidator to HIH and 17 of its controlled entities.
		Former HIH director Rodney Adler was sentenced on 14 April 2005 to four and a half years jail, with a non-parole period of two and a half years.
	en.wikipedia.org /wiki/HIH_Insurance (1339 words)

	HIH Marine Services, Inc. v. Fraser (11th Cir. 2000)
		Although HIH was asked to cover the risk associated with a charter boat under the custody and control of Mobay, no chartering agreement between Mobay and the appellants was in effect at the time and Mobay did not have custody of the Netan-El.
		In early April, HIH denied the appellants' hull claim on the ground that coverage was bound on the condition that Mobay had assumed custody of the Netan-El pursuant to an operative charter agreement.
		HIH then brought the instant action in district court, seeking, inter alia, a declaration that the endorsement adding the Netan-El to Mobay's policy was void because of misrepresentations of material facts in the insurance application.
	www.admiraltylawguide.com /circt/11thhihmarine.html (1957 words)

	HIH Insurance Announces Top Management Changes
		HIH Insurance is a specialty workers' compensation insurer with $200 million in annual premium revenues generated through its North and South American underwriting companies.
		HIH Insurance is a subsidiary of the HIH Insurance Group of Australia, a publicly traded international property and casualty insurer with annual premium revenues of A$3 billion (U.S. $1.95 billion) and assets of A$8 billion (U.S. $5 billion).
		HIH Insurance is headquartered in San Francisco with offices in Sacramento, Irvine, Chicago, Detroit, Phoenix, Denver, Honolulu and Buenos Aires.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-14-1999/0000909549&EDATE= (339 words)

	HIH Marine Insurance Services, Inc. v. Gateway Freight Services
		HIH Insurance determined its insured, Dimerco Express (USA), was liable to Seagate for the loss of the four packages of stolen hard disk drives.
		HIH Insurance argues that this separate limitation of liability in the air waybill does not apply to the loss of the disks because the warehouse theft occurred after air transportation was concluded.
		HIH Insurance is unable to cite persuasive authority in support of its argument that the released value doctrine is restricted by principles governing the scope of federal common law.
	www.law.com /regionals/ca/opinions/feb/a092356.shtml (2795 words)

	CNN.com - Australia bows to pressure on HIH - May 21, 2001
		The failure of HIH insurance Ltd is shaping up to be one of the biggest financial debacles in Australian corporate history and is taking on political dimensions.
		When HIH went into receivership on March 15 its debts were thought to be about $400 million (Australian $800 million).
		HIH founder and former chief executive Ray Williams declared last Thursday he had "nothing to hide" and would cooperate with the investigation.
	edition.cnn.com /2001/BUSINESS/asia/05/21/australia.hihinquiry.biz (655 words)

	HIH Insurance Group Collapse
		HIH 2000 Annual Report the company had gross premium revenue of $2.8 billion, total assets of $8.0 billion, total liabilities of $7.1 billion, with net assets of $900 million.
		Terms of Reference for the HIH Royal Commission, and the appointment of Western Australian Supreme Court Judge Neville Owen, to report by the end of June 2002.
		The Commission is to 'inquire into the reasons for, and the circumstances surrounding, the failure of HIH prior to the appointment of the provisional liquidators on 15 March 2001'.
	www.aph.gov.au /library/intguide/econ/hih_insurance.htm (3823 words)

	HIH case thrown out of court - Business - Business - smh.com.au
		Mr Abbott's private company, Ashkirk Pty Ltd, provided consultancy services to HIH and the deputy chairman pressed for prompt payment of his invoices late on the afternoon of March 14, 2001, the day before the company was placed into provisional liquidation owing $5.3 billion.
		But Ms Quinn said that while it was clear Mr Abbott had asked for three months worth of fee invoices and $16,726 worth of hotel, travel and secretarial expenses to be paid promptly, and asked about the progress of the cheque clearance twice, she found that a reasonable jury properly instructed would not convict him.
		She said while it was evident HIH was on the brink of insolvency, it was not insolvent on March 14 and Mr Abbott made the point that solvency could not be determined until the half yearly accounts were finalised.
	www.smh.com.au /news/business/hih-case-thrown-out-of-court/2005/06/07/1118123838230.html (585 words)

	Report of the Royal Commission into HIH Insurance
		HIH was mismanaged in the area of its core business activity.
		HIH had a corporate governance model but the Royal Commission found that HIH had failed to review the model to assess its suitability for changing circumstances in the insurance industry.
		Although the Royal Commission found that APRA did not cause or contribute to HIH's collapse, APRA did not recognise the seriousness of the situation or question the reliability of the information it was receiving from HIH until too late.
	www.aph.gov.au /library/pubs/rn/2002-03/03rn32.htm (1318 words)

	HIHGroup.com.au
		Prior to its failure the HIH Group was the second largest general insurer in Australia and had operations in many other countries.
		Following their appointment, the Australian Liquidators and English Provisional Liquidators concluded that the implementation of Schemes of Arrangement between the 8 HIH companies that held Australian insurance licences and their respective creditors was the best way of maximising the return and achieving the earliest practical distribution to creditors of those companies.
		This website has been designed as a reference for creditors of the HIH Group and includes information concerning the Schemes of Arrangement, financial information, creditors' meetings, press releases and frequently asked questions.
	www.hih.com.au (493 words)

	CNN.com - Ex-CEO pleads guilty in HIH case - Dec 14, 2004
		He is one of a number of HIH executives and associates to have been pursued by ASIC in its investigation of the HIH collapse.
		Late last year, William Howard, a former general manager of HIH Insurance, was sentenced to three years imprisonment -- a term that was suspended on the basis of his ongoing assistance to the HIH investigation.
		A high-level judicial inquiry known as a Royal Commission investigated HIH's collapse and found in April 2003 that it was primarily due to the insurer's failure to provide properly for future claims.
	edition.cnn.com /2004/BUSINESS/12/14/australia.hih (571 words)

	HIH ROYAL COMMISSION (Site not responding. Last check: 2007-10-24)
		Justice Owen, 53, has conducted trials in all areas of the Supreme Court’s civil and criminal jurisdictions since he was appointed to the bench on 1 February 1991.
		The terms of reference are wide ranging and will enable the Royal Commission to fully investigate the circumstances surrounding HIH's failure, the actions of Commonwealth and State regulatory bodies and whether changes should be made to the current legal framework.
		The Commissioner will inquire into the reasons for, and the circumstances surrounding, the failure of HIH prior to the appointment of the provisional liquidators on 15 March 2001.
	www.pm.gov.au /news/media_releases/2001/media_release1100.htm (1367 words)

	JS Online: Dilapidated Sydney Hih entices preservationists
		But Sydney Hih, at 300 W. Juneau Ave., has made it to the hit parade of threatened landmarks that local preservationists say are worth fighting for.
		Berland said he had been contacted by one developer, whom he would not name, who was exploring the building's potential for housing; another, he said, is considering it for commercial use and a third is looking at it as a possible hotel.
		In the late 1960s, the building's then-owner, the late Sydney Eisenberg, renamed it Sydney Hih and had it painted in various shades of turquoise, pink and brown, in hopes of attracting counterculture patrons to several small, street-level businesses.
	www.jsonline.com /news/metro/feb00/list15021400a.asp?format=print (956 words)

	Editorial: HIH is not a bad apple
		Nevertheless, HIH continued to hock its wares on an unsuspecting public, telling them nothing was wrong and that their premiums were totally secure.
		He loses that salary, of course, and his share portfolio in HIH is now worthless, but he gets to keep his $7.5 million home in Mosman, his $2.5 million country retreat and the rest of his share portfolio.
		HIH could just as easily have been any other insurance company, because all of them are on the make.
	www.greenleft.org.au /back/2001/449/449p3b.htm (877 words)

	HIH liquidator sues Turnbull, others
		Mr McGrath, of McGrath Nicol and Partners, who was appointed liquidator to HIH in 2001, has moved to recover compensation for HIH shareholders by serving writs on nine defendants in the NSW Supreme Court.
		HIH was the nation's second largest insurance company and its demise in March 2001 was Australia's largest corporate collapse.
		HIH royal commissioner Justice Neville Owen found that the takeover was one of the major factors that contributed to HIH's $5.3 billion collapse, calculating that the "directly quantifiable loss" to HIH from the FAI acquisition was $591 million.
	news.ninemsn.com.au /article.aspx?id=66337 (721 words)

	Executive linked to HIH, AIG - Business - Business - smh.com.au
		Reinhard Elers, a senior executive at a unit of German reinsurer Hannover Re, was appointed to the board of an AIG subsidiary in Barbados, Union Excess, in June 2000, documents show.
		HIH fell apart over a series of questionable transactions it undertook through several reinsurers, including Hannover Re, that made it appear financially stronger than it was.
		The questionable transactions arranged by Hannover Re allowed HIH to overstate its pretax profit in 1999 and 2000 by $200 million, according to the 2002 report of the HIH royal commission.
	www.smh.com.au /news/Business/Executive-linked-to-HIH-AIG/2005/06/01/1117568261182.html (540 words)

	Essay: Hih, Where Does the Buck Stop? - Coursework.Info (Site not responding. Last check: 2007-10-24)
		Undisputedly there are many parties that are at fault in relation to the HIH multi- billion-dollar debacle.
		Amongst the obvious candidates at fault are the actuaries, Auditors "Arthur Anderson" and the Australian Prudential Regulation Authority (APRA), a commonwealth agency of which the federal government holds responsibility for.
		It is stating the obvious to say that a $1 billion failure means that the APRA has also failed, which by definition means that the buck goes right to the top and stops at the prime ministers desk.
	www.coursework.info /GCSE/Business_Studies/Economy_&_Economics/Hih_Where_Does_the_Buck_Stop_L14513.html (262 words)

	Were the HIH sentences tough enough?
		This was one of many cases that involved both procedural issues and substantive issues relating to a series of transactions that involved $10 million of HIH Insurance money, which through a number of companies controlled by Adler resulted in the funds being invested in other companies, including HIH Insurance.
		In consequence, HIH Insurance (in liquidation) was able to claim an order of approximately $8 million against both Adler and Williams for the losses sustained by their breach of officers’ duties.
		He also authorised the issue of a prospectus on 26 October 1998 that contained a material omission, and approved authorisation statements in the 1998-99 HIH Insurance annual report that he knew were misleading by overstating the operating profit by $92.4 million.
	www.lawyersweekly.com.au /articles/56/0C036056.asp?Type=55&Category=1120 (1676 words)

	HIH exec pleads guilty to reckless disregard - Business - www.theage.com.au
		Another former senior HIH Insurance Group executive, Terry Cassidy, has pleaded guilty to three criminal charges relating to the $5.3 billion insurance company collapse four years ago.
		Cassidy, 56, worked at HIH and its predecessor CE Heath for 29 years and was managing director of HIH Insurance Group's Australian operations.
		Other former HIH directors and senior executives who have already pleaded guilty to criminal charges arising from an investigation by the Australian Securities and Investments Commission into Australia's largest insurance company collapse include former HIH managing director Ray Williams, director Rodney Adler and investment director Bill Howard.
	www.theage.com.au /news/Business/HIH-exec-pleads-guilty-to-reckless-disregard/2005/03/24/1111525290333.html?from=moreStories (526 words)

	S&P Lowers HIH Insurance to 'BBB-'; Still Watch Neg
		The ratings action follows HIH's disclosure to the market that a current review of claims estimates, asset valuations, and business restructuring may have a material impact on the interim loss to Dec. 31, 2000.
		Although HIH has not yet quantified the loss (it expects to report its interim result on March 16, 2001), Standard & Poor's believes that the loss will be outside the tolerance of the triple-'B'-plus/Watch Neg/-- rating assigned to HIH in November 2000.
		The single-'A'-minus/Stable/-- ratings assigned to HIH's New Zealand operations, HIH Casualty and General Insurance (N.Z.) Ltd., are unchanged, reflecting the strong stand-alone financial structure of HIHNZ, very good operating performance, solid market position in broker-distributed commercial lines business, and implementation of a legal structure to protect the company's strong capitalization, Standard & Poor's said.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=105&STORY=/www/story/02-26-2001/0001435085 (360 words)

	Former HIH director jailed - Business - www.theage.com.au
		Former HIH director Terry Cassidy was today jailed for 10 months over charges related to the failed insurer.
		The HIH collapse in March 2001 was the biggest in Australian corporate history, with losses of up to $5.3 billion.
		Although the offences did not cause the collapse of HIH, they still involved a "serious breach of trust" as a company director, Justice Wood said.
	www.theage.com.au /news/Business/Former-HIH-director-jailed/2005/04/29/1114635726808.html (217 words)

	Former HIH Director Gets 4 Year Sentence (Site not responding. Last check: 2007-10-24)
		Adler, a prominent Sydney businessman, entered a guilty plea in February to four criminal charges of giving false information that was likely to induce people to buy HIH shares, lying to obtain money from HIH for another company he had investments in and failing in his duties as a director.
		HIH was the country's second-biggest general insurer before it collapsed with estimated losses of up to A$5.3 billion (U.S.$4.1 billion).
		Losses by HIH's California Workers Comp subsidiary were at least partially responsible for its financial woes.
	www.insurancejournal.com /news/international/2005/04/14/53754.htm?print=1 (231 words)

	CNN.com - HIH directors guilty of breaches - March 14, 2002
		Adler, along with former HIH chief executive Ray Williams and chief financial officer Dominic Fodera, were found guilty of the breaches by Mr Justice Santow in the New South Wales Supreme Court.
		The offending transaction occurred in June 2000, well before the $2.6 billion collapse of HIH in March last year.
		A royal commission inquiry into the HIH debacle is currently underway.
	archives.cnn.com /2002/BUSINESS/asia/03/14/aust.adler.bz/index.html (312 words)

	The World Today - Cooper backs himself against HIH liquidator
		He says that the loan was made to him by FAI in 1998, but was written off by HIH after it purchased FAI.
		He says that other services that his company provided would have balanced out the ledger in the end, that perhaps HIH didn't pay him for work that he did to the value of about $1.3 million, so it's probably all evened out.
		The liquidator only has claims on payments that are made to parties by HIH that in their eyes were unauthorised by the shareholders and the board of directors, so any payments that were what would be termed 'legitimate payments', the liquidator doesn't have a claim on to get back for the creditors.
	www.abc.net.au /worldtoday/stories/s739024.htm (583 words)

	The HIH collapse (archived)
		The collapse of HIH is shaping up to be the biggest corporate failure in Australian history.
		KPMG, the Provisional Liquidators, issued a statement on 11th April 2001 noting that the losses of HIH are far greater than initially expected.
		He accepted that the HIH collapse was a broader community responsibility.
	www.choice.com.au /viewarticleasonepage.aspx?id=102345&catId=100501&tid=100008&p=1 (2538 words)

	HIH collapse: another case of socialising the losses? - 2 June 2001
		The most recent victim of that system of economic organisation is the insurance giant HIH - casualty, so it appears, of debilitating and wasteful competition aimed at the demolition of rivals that, in the end, turned upon HIH itself.
		What can be said with certainty was that issues like the HIH collapse draw us well and truly into the area of what economists, and some others, like to call "moral hazard".
		That condition is said to exist when commercial enterprises are, for whatever reason, in a position to ignore prudent risk assessment, safe in the knowledge that governments (or - more accurately - taxpayers) cannot avoid some measure of bail-out.
	www.newsweekly.com.au /articles/2001jun02_hih.html (1335 words)

	HIH Sells Renewal Rights to Argonaut, Alaska National
		The company reported that the current year-to-date net loss is primarily a result of significant strengthening of loss reserves for workers' comp business recorded during the first quarter.
		The move came after the announcement that HIH would be reviewing its personal lines operations with the possibility of entering into a joint venture or sale.
		HIH is a wholly owned subsidiary of HIH Insurance Ltd. of Australia, a worldwide insurance company that is going through a "reorganization and a reallocation of capital on a worldwide basis," according to Ames.
	www.insurancejournal.com /magazines/west/2000/12/11/features/21208.htm?print=1 (828 words)

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