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 »

Final Scheme Payments


Scheme Company Final %
CIC 96.17% & 96.37%  (a)
FAIG 67.54% & 69.51%  (b)
FAII 14.44%, 15.55% & 76.56%  (c)
FAIR 100%
FAIT 22.52% & 22.57%  (d)
HIH C&G (In Australia) 42.58% & 54.25%  (e)
HIH C&G (Outside Australia) 35% & 48.21%  (e)
HIH U&I 46.8% to 48.48% (f)
WMG 100%

In June 2021, HIH Casualty and General Insurance Limited, FAI General Insurance Company Limited and CIC Insurance Limited have paid the final Scheme Payments to creditors with Established Scheme Claims. There will be no further distributions payable to creditors and the Schemes of Arrangement will automatically terminate in June 2022.
The final Scheme Payments paid to creditors are as follows:
(a) CIC Insurance Limited creditors with Insurance claims in Australia have been paid a final Scheme Payment of 96.37 cents in the dollar and creditors with Non Insurance claims in Australia have been paid a final Scheme Payment of 96.17 cents in the dollar.
(b) FAI General Insurance Company Limited creditors with Insurance claims worldwide have been paid a final Scheme Payment of 69.51 cents in the dollar, and creditors with Non Insurance claims in Australia have been paid a final Scheme Payment of 67.54 cents in the dollar.
(c) 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.
(d) 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.
(e) HIH Casualty & General Insurance Limited creditors with Non Insurance claims in Australia have been paid a final Scheme Payment of 42.58 cents in the dollar, and creditors with Insurance claims in Australia have been paid a final Scheme Payment of 54.25 cents in the dollar.

HIH Casualty & General Insurance Limited creditors with Non Insurance claims that are Not in Australia have been paid a final Scheme Payment of 35 cents in the dollar, and creditors with Insurance claims that are Not in Australia have been paid a final Scheme Payment of 48.21 cents in the dollar.
(f) 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.