Assetinsure is a privately held company. All issued shares are fully paid.
The shareholders are:
| Peter Wedgwood Private Trusts |
25% |
| Private Shareholders |
25% |
| Asset Shareholders Co Pty Limited |
20% |
| GLOBAL Group of Australia Pty Limited |
30% |
Peter Wedgwood and Small Private Shareholders have held 50% of the company since it was founded in January 2003. Effective 8 April 2009 these existing shareholders as well as a group of senior executives increased their shareholding in the company through a special purpose vehicle, Asset Shareholders Co Pty Ltd. Consequently the original investors and management now hold 70% of the company. This has consolidated Assetinsure’s position as an independent Australian general insurer.
GLOBAL Re’s 30% investment constitutes a strong vote of confidence in management and the business potential. GLOBAL previously owned the reinsurer Gerling Global Re, which Assetinsure Holdings purchased on 1 September 2003. This entity was subsequently renamed Assetinsure and transformed into a direct insurance carrier.
Peter Wedgwood
Peter Wedgwood established Asset Underwriting in 1983 as a specialist underwriting agency for financial risk insurance. As a market leader, it has arranged more than A$4 billion of financial risk cover. Its financial risk business is now handled by Assetinsure as one of the product lines.
GLOBAL
GLOBAL is owned by Globale Rückversicherungs-AG (Global Re) in Germany ( www.globalre.com) which has over $3 billion in assets worldwide. GLOBAL is the local, non operating holding company for its activities in Australia which include 100% ownership of Global Life Reinsurance Company of Australia Pty Ltd, an APRA licensed life reinsurance company.
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