HIH Insurance 

Background

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.

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Shareholders

In late 2013, various groups of shareholders commenced legal action seeking to recover losses sustained as a result of their purchase of shares in HIH Insurance Limited.

Judgment in respect of those proceedings was handed down by the NSW Supreme Court in April 2016.

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Creditors

Scheme Creditor reports include an update from the Scheme Administrators as to when they expect to make further interim Scheme Payments to creditors.

Scheme Creditor Reports »

Scheme Payments



Existing Schemes' Payments

Scheme Company Estimate Final % Paid To Date %
HIH C&G (In Australia) 38.9% to 51.9% 35.5% & 48.61% (a)
HIH C&G (Outside Australia) 35% to 48.2% 34.5% & 47.82% (a)
FAIG 66.6% to 69.5% 62.5% & 64.78% (b)
CIC 94.5% to 95.26% 92.5% & 92.89% (c)


Terminated Schemes' Final Payments

Scheme Company Final %
FAIR 100%
WMG 100%
HIH U&I 46.8% to 48.48% (d)
FAIT 22.52% & 22.57% (e)
FAII 14.44%, 15.55% & 76.56% (f)

The ultimate Scheme Payments are estimates only. Final outcomes may vary from these estimates depending on settlement of claims received, asset recoveries, the outcome of litigation, and costs incurred.
(a) HIH Casualty & General Insurance Limited creditors with Non Insurance claims in Australia have been paid 35.5 cents in the dollar, and creditors with Insurance claims in Australia have been paid 48.61 cents in the dollar.

HIH Casualty & General Insurance Limited creditors with Non Insurance claims that are Not in Australia have been paid 34.5 cents in the dollar, and creditors with Insurance claims that are Not in Australia have been paid 47.82 cents in the dollar.
(b) FAI General Insurance Company Limited creditors with Insurance claims worldwide have been paid 64.78 cents in the dollar, and creditors with Non Insurance claims in Australia have been paid 62.5 cents in the dollar.
(c) CIC Insurance Limited creditors with Insurance claims in Australia have been paid 92.89 cents in the dollar and creditors with Non Insurance claims in Australia have been paid 92.5 cents in the dollar.
(d) HIH Underwriting & Insurance (Australia) Pty Limited creditors with Insurance claims in Australia have been paid a final Scheme Payment of 48.48 cents in the dollar and creditors with Non Insurance claims in Australia have been paid a final Scheme Payment of 46.8 cents in the dollar.
(e) FAI Traders Insurance Company Pty Limited creditors with Insurance claims in Australia have been paid a final Scheme Payment of 22.57 cents in the dollar and creditors with non Insurance claims in Australia have been paid a final Scheme Payment of 22.52 cents in the dollar.
(f) FAI Insurances Limited creditors with Insurance claims in Australia have been paid a final Scheme Payment of 76.56 cents in the dollar, creditors with Insurance claims that are Not in Australia have been paid a final Scheme Payment of 15.55 cents in the dollar and creditors with Non Insurance claims in Australia have been paid a final Scheme Payment of 14.44 cents in the dollar.