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GIO Launches New Space Insurance Company
Sydney - September 3, 1998 - Australian insurance giant GIO will establish a separate subsidary, GIO Space Limited, to capitalize on its growing space insurance business the company announced in Sydney today. Last fiscal year GIO�s space division wrote more than $150 million in premiums and achieved pre-tax earnings of more than $20 million. GIO's chief executive officer Nick Steffey said, "GIO has unique and valuable market expertise in space underwriting and risk management services. We�re one of the world�s leaders in this field and the establishment of this new company is a demonstration of our commitment to this area." Head of GIO�s space division, Kirby Ikin, will be appointed Managing Director of GIO Space Limited. Mr Ikin and his team will continue to be based in Sydney. "This is a tremendous move for me and my team and recognises the importance of insurance to the global space industry and the growth potential in this market," added Mr Ikin. "GIO Space Ltd will continue to seek out new space industry opportunities. Examples of the future potential in this area are the number of Australian based projects currently on the drawing board, such as Kistler Aerospace, Asia Pacific Space Centre and KIT Comm." Kirby Ikin joined GIO nine years ago and has achieved pre-eminent status in the space industry. He is the founding Chairman of the Australian Space Industry Chamber of Commerce and also is the current Chairman of the Executive Committee of the US based National Space Society with 23,000 members worldwide. He is also Chairman of the National Space Society of Australia Ltd. GIO is one of Australia�s leading insurance and financial services franchises with $2.8 billion of revenue and more than $10 billion of assets under management. It is also the largest Australian-based reinsurer. GIO has more than 2 million customer relationships serviced by more than 100 offices and 3,700 employees.
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