Westpac
Westpac Banking Corporation has today announced the appointment of Audette Exel AO as an independent Non-executive Director with effect from 1 September 2021. Ms Exel will become a member of the Board Risk Committee and the Board Technology Committee following her appointment.
Ms Exel has more than 35 years’ experience in the global financial services markets as a senior executive, a non-executive director and as a social entrepreneur. Ms Exel is the founder and Chair of Adara Group, a social enterprise and international non-government organisation focused on improving health and education for women, children and communities living in extreme poverty. She has received many Australian and international awards and recognition for her business leadership and philanthropy, including an honorary Order of Australia for service to humanity.
Westpac makes board appointment
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Shipping Corp hires Shepstone & Wylie Attorneys on ship arrest case in South Africa
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Steamship Mutual Financial Update and 2021/22 Renewal
At their Board Meeting held on 25 May 2021, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2020/21 policy year and authorised publication of the following key points in advance of the release of detailed results.
Highlights
Free Reserves remain in excess of US$ 511 million despite the challenges presented in 2020.
At renewal approximately 5.7 million GT of new tonnage entered the Club from both existing and new Members.
2021 opening entered tonnage stood at 177 million GT.
The Club achieved a 4.5% increase on renewing owned business.
International Group Pool and Covid claims raised the combined ratio higher than expected to 125.4% with the average combined ratio for last six years at 99.2%.
“A” rated Steamship Mutual today announced the outcome of the Club’s 2021/2022 renewal. With a General Increase of 5%, ordered by the Board for both mutual and non mutual entries, the achieved premium increase of very close to that – over 4.5% including value of terms – is confirmation of widespread confidence in the Club. Notwithstanding some extremely difficult conditions arising from the Corona pandemic, this was a successful renewal, as reflected in additional tonnage entered by existing members and the number of new Members joining from other clubs and insurers.
Commenting on the renewal, Gary Field, Head of Underwriting for the Club, said that “During a very difficult renewal season, when for much of it we were unable to meet members and brokers in person, we were nevertheless able to agree innovative terms in many instances, to achieve equitable (and acceptable) allocation of risk”.