News articles

2/06/2016, Court Affirms Importance of Economic Hourly Rates when Appointing Insolvency Practitioners

Please read attached article detailing an update from Kemp Strang lawyers regarding the importance of economic hourly rates when appointing insolvency practitioners.

1/06/2016, Rio's plant nod may stoke Forge battle

Please read attached article detailing a claim from Forge group receiver KordaMentha Restructuring against Rio Tinto. KordaMentha argues that Rio did not need to take the bond for a power station project as there were no plans to start building.

4/05/2016, Tech-averse insurers will become ‘black cabs of the world’

Please read attached article featuring comments from CBL corporation managing director Peter Harris regarding embracing technology trends in the insurance industry.

6/04/2016, Beginning of Forge receivers versus Rio Tinto trial

Please read attached article detailing the beginning of a trial pitting Rio Tinto against the receivers for the Forge Group in a dispute over hundreds of millions of dollars.

31/03/2016, Standard & Poor's maintains Swiss Re's rating as AA- Outlook Stable

Please read attached bulletin from Standard and Poor's detailing Swiss Re's Rating remaining at AA- Outlook Stable

17/03/2016, Forge - Turbines - Decision provides guidance on PPS leases

Please read attached insight from Herbert Smith Freehills detailing situations where an operating lease constitutes a PPS lease and the operation of the vesting provisions in the Personal Properties Securities Act 2009.

28/08/2015, Rio rejects Forge bond claims

Article from The West Australian covering Rio Tinto executives rejecting allegations the miner misled receivers and financiers of the failed Forge Group over the seizure of $100 million in security bonds. Please read here

1/03/2013, Safe as houses? Insurance & Risk Professional Article

Andrew has been quoted in a recent article titled Safe as houses which was published in the Feb-Mar 2013 edition of Insurance & Risk Professional. 
The article can be found here

28/11/2008, Assetinsure enters the Surety Bonding market

Assetinsure, Australia’s specialist insurance group, has launched a new Surety division to provide performance bonding capacity to Australian and New Zealand companies.

Assetinsure has entered the market because of the current shortage of banking credit lines in Australia and New Zealand and the immediate need for major capacity to be brought into the region, said Peter Wedgwood, CEO of Assetinsure.

Assetinsure provides a number of specialist insurance products mainly to companies, financial institutions, and professionals to protect their respective assets, credit risks and professional liabilities.

The surety product range offers companies an alternative to bank guarantees where, in many cases, these have to be cashed backed, whereas bond facilities do not normally require collateral as security.

Mr Wedgwood said the Assetinsure capacity would be directed through Swiss Re International SE, an APRA licensed insurance company rated A+ by Standard & Poor’s, and the world’s largest reinsurance group.

“We are indeed fortunate to deliver this new capacity through the Swiss Re group who have had a long involvement in this specialist class of business."

In addition to the Swiss Re relationship, Assetinsure have also entered into a joint venture agreement with Lombard Group from South Africa. Lombard is the largest provider of performance and surety insurance bonds in South Africa and has a number of South African construction clients operating in Australia.

The joint venture brings together the experience and resources of two organisations that collectively will deliver comprehensive bonding capacity to clients in Australia, New Zealand, South Africa and the Pacific Region.

Surety facilities are used primarily by construction and engineering companies together with a range of manufacturers and servicing companies to meet bond obligations under contracts.

Assetinsure’s Surety division is headed by Andrew Calvert who has more than 15 years’ experience in the industry. Mr Calvert, who will lead Assetinsure’s team of experienced underwriters, is a wellknown operator in the surety industry.

Mr Calvert said: “We believe we have timed our entry into this specialist sector given the banks’ rationing of credit lines.

“Surety, in short, is a godsend to companies who have to place sizeable bonds with clients and have traditionally accessed these through their banking lines.”

About Assetinsure

Assetinsure is a general insurer licensed by APRA. Assetinsure specialises in underwriting selected insurance product lines, including professional indemnity, aviation, industrial special risks, construction, engineering, motor, financial risks and surety. Customers are predominantly middle market and corporate buyers. Assetinsure has been authorised by APRA since February 2004.

For further information, please see or contact Andrew Calvert on 02 8274 2855 or