Insurance News
Miller to chair ACIL group
by John Heath
4 November 2008
WAYNE MILLER has been appointed executive chairman of Perth-based Australian Consolidated Insurance Limited from his previous position of managing director.
And the constant flier says he immediately intends to seek further expansion of the group that now has insurance broking and underwriting agency operations from Perth to Auckland.
“Our group needs to increase its equity base and I am keen for this to be in the insurance sector prior to our public company listing on the ASX,” he told InsuranceNewsAustralia.com.
“I have not ventured into the insurance market for financial support as I have felt development of the group needed to be based on our/my performance as there have been historically quite a few parties saying they are in the ‘acquisitions’ business.
“Our industry likes doers rather than spruikers and as such I have tried to let our performance speak for itself. I believe the timing is right to invite selected compatible industry investment.”
Since making its first purchase outside Perth in 2005 - City Pacific Insurance Services in Brisbane in 2005 – ACIL’s subsidiary companies CBSP (Broking) have reached the latest premium placements of $50.5 million in Australia and $13.5 million in New Zealand.
Premiums Underwritten (80% non-group) from the CUSP underwriting agency business are $20.3 million in Australia and $0.1 million in New Zealand.
Premiums Funded (100% group) through CPFP (Premium Funding) and $6.3 million.
This was not the total premium funding book, external revenue was to be added.
Mr Miller said the ACIL board recognised the insurance industry need for industry experienced leadership at board level as ACIL sought to further grow through industry investment and for its future Australian Stock Exchange listing plans.
He said his predecessor Anne-Marie Syme’s chairmanship had encompassed 3 years and during that time the group has expanded from modest beginnings to an international insurance group premium placing of more than $80 million in premiums globally.
Ms Syme, who steps down to pursue other interests as well, will remain as a non-executive director to continue her involvement and add value to the group’s plans.
A note from directors said Mr Miller had demonstrated leadership of the group and was best placed to drive the company toward its expansion goals.