HIH, an Australian insurer which owns Lloyd's syndicate HIH Cotesworth has had its shares suspended on the Australian stock exchange twice in the same week after plunging an estimated Aus$500m (£176m) into the red.
Director Rodney Stephen Adler has resigned following the news.
And the Australian Securities & Investments Commission is investigating whether the company kept the market adequately informed of its trading positions.
HIH owns all the shares of Lloyd's syndicate HIH Cotesworth. It also formed a partnership with the Gerling Group last year, and now HIH writes industrial business through Gerling Australia Insurance.
It is thought losses could total up to Aus$500m (£176m) and HIH has in the past said it overpaid Aus$200m (£80m) when acquiring FAI in 1998.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
