INSURANCE HOLDING
N.Z. In Control Of Victoria
(N.Z. Press Assn.—Copyright) MELBOURNE, Nov. 7.
New Zealand Insurance Company, Ltd, has recently increased its holding in Victoria Insurance Company, Ltd, from 50 to 60 per cent of the issued capital and proposes to nominate three more directors for the board. Announcing this at the Victoria Insurance annual meeting the company’s chairman (Mr W. Kirkhope) said that members of the group had done well both in New Zealand and Australia. The group would continue to look forward to bigger and better things from its life assurance subsidy, Southern Cross. Reinsurance Cost
Victoria Insurance directors show group net profit for 1967-68 fell 1.4 per cent by $4585 to $314,296. Profit includes $93,299 on the sale of investments (previously nil), and $BO,OOO (nil) transferred from revenue account life department.
Mr Kirkhope said: "A very significant outcome of the persistently bad industry experience has been a considerable increase in the cost of reinsurance in most classes of business, together with much restricted terms of cover.”
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Bibliographic details
Press, Volume CVIII, Issue 31831, 8 November 1968, Page 14
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169INSURANCE HOLDING Press, Volume CVIII, Issue 31831, 8 November 1968, Page 14
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