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 supsidiaries 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 Company
Estimated Final %
To Date
HIH
31% to 47%
31% & 39.97%   (a)
28% & 37.36%   (a)
FAIG
60% to 68%
57% & 59.15%  (b)
CIC
65% to 91%
63% & 64.48%   (c)
FAIT
16% to 18%
10%
FAIR
100%
100%
FAII
11% to 71%
7%, 10% & 55%    (d)
WMG
100%
100%
HIHU
29% to 35%
18%
The above figures are estimates only. Final outcomes may vary from these estimates, depending on reinsurance collected, settlement of claims received, bad debt levels, other asset recoveries, the success of litigation, and costs incurred.
(a) HIH Casualty & General Insurance Ltd creditors with Insurance claims in Australia have been paid 39.97 cents in the dollar, and creditors with Insurance claims that are Not in Australia have been paid 37.36 cents in the dollar.

HIH Casualty & General Insurance Ltd creditors with Non Insurance claims in Australia have been paid 31 cents in the dollar. Creditors with Non Insurance claims that are Not in Australia have been paid 28 cents in the dollar.
(b) 59.15 cents in the dollar has been paid to FAI General Insurance Company Ltd creditors with Insurance claims worldwide, and 57 cents in the dollar has been paid to all other FAI General Insurance Company Ltd creditors.
(c) CIC Insurance Ltd creditors with Insurance claims in Australia have been paid 64.48 cents in the dollar and creditors with Non Insurance claims in Australia have been paid 63 cents in the dollar.
(d) FAI Insurances Ltd creditors with Insurance claims in Australia have been paid 55 cents in the dollar, and creditors with Insurance claims that are Not in Australia have been paid 10 cents in the dollar. Creditors with Non Insurance claims in Australia have been paid 10 cents in the dollar.
 
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