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	HIH Insurance
	HIH Insurance Limited was a publicly listed company in Australia. Prior to its collapse in 2001, the HIH Group was the second largest general insurer in Australia and had operations in many other countries. On 15 March 2001, HIH Insurance Limited and a number of its subsidiaries were placed into provisional liquidation. Subsequently, on 27 August 2001, the companies that were in provisional liquidation were placed into liquidation. Schemes of Arrangement are now in place for eight of those companies. The Scheme Administrators have made initial payments to certain creditors and will make further payments over the coming years. Decision on the priorities to apply to non Australian assets – The House of Lords has handed down its decision that Australian priorities are to apply to the Insolvency of the HIH group. Download a copy of the English Scheme Administrators summary of the decision.

Scheme Administrators' estimate of ultimate Scheme Payments

Scheme Company	Estimated Final %	To Date
HIH	10% to 35%	9% and 14.46%*
FAIG	45% to 55%	30%
CIC	50% to 60%	35%
FAIT	Less than 5%	nil
FAIR	More than 50%	nil
FAII	Approx. 7%	nil
WMG	55% to 95%	5%
HIHU	5% to 10%	nil

The above figures are preliminary estimates only. Final outcomes may vary considerably from these estimates, depending on reinsurance collected, development of future claims patterns, bad debt levels, other asset recoveries, the success of litigation, nature of claims and costs incurred.

14.46 cents in the dollar has been paid to most HIH Casualty and General Insurance Ltd creditors with insurance liabilities worldwide. 9 cents in the dollar has been paid to all other HIH Casualty and General Insurance Ltd creditors. The exception to this remains those HIH Casualty and General Insurance Ltd creditors with insurance liabilities in the US who are entitled to benefit from the Trust Funds held by the New York Superintendent of Insurance.

* Payment of 14.46 cents in the dollar to this class of US creditors, to bring them in line with all other HIH Casualty and General Insurance Ltd creditors with insurance liabilities worldwide, can be made as soon as the Superintendent seeks and obtains approval from the New York Supreme Court that has jurisdiction over the Trust Funds. Agreement was reached in early 2008 with the Superintendent to release the Trust Fund, to allow payment to US creditors who are the beneficiaries of these funds. The Australian Liquidators have requested on many occasions that the Superintendent make the necessary application to the New York Supreme Court for approval of the agreement, but the Superintendent has not yet made the application.