Collapsed firm had Irish connection
The Australian Royal Commission report into the 3 billion collapse of HIH Insurance, which has already criticised transactions between the company and the Dublin branch of General Re, also made reference to the Irish operations of Hannover Re.
The Royal Commission, set up to investigate the collapse of HIH just over two years ago, said transactions between Hannover Re in Dublin and the company āmade a significant but unjustifiable contribution to the revenue statements of HIH in the years ending 30 June, 1999, and 30 June, 2000ā.
