Background Financial Information


In August 2001 the Australian Liquidators publicised an estimate for the total deficiency of the HIH Group of companies as being between $3.6 billion and $5.3 billion. The Scheme Administrators consider that this deficiency estimate remains reasonable.

This estimate is for all companies in the HIH group, including some significant overseas subsidiaries not under the control of the Scheme Administrators. For example HIH America Compensation and Liability Insurance Company is incorporated in California and is now in liquidation under the control of the Californian Conservation and Liquidation Office. Of the licensed or formerly licensed insurance companies within the group incorporated in Australia (all of which are under the control of the Australian Liquidators), HIH Casualty & General Insurance Limited, FAI General Insurance Company Limited, and CIC Insurance Limited make up the majority of the overall deficiency.

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