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APRA disqualifies former Zurich manager

Posted On: Nov. 6, 2006 12:00 AM CST

SYDNEY, Australia—The Australian Prudential Regulation Authority has disqualified John Stanbridge, a former chief financial officer of Zurich Australian Insurance Ltd., from being or acting as a director or senior manager of a general insurer.

Sydney, Australia-based APRA said that Mr. Stanbridge was involved in a financial reinsurance transaction with General & Cologne Re Group Australia designed to give the impression that Zurich Australian had improved its financial position in 2000 by about $60 million Australian.

Mr. Stanbridge was CFO of Zurich Australian between November 1999 and November 2001.APRA is continuing its investigation into the actions of other individuals involved in two financial reinsurance transactions between GCRA and Zurich in 2000.

Last year, APRA accepted an enforceable undertaking from Zurich Australian and Zurich Financial Services Australia Ltd. about the transactions.