Page 174 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 17 - CIC INSURANCE (CIC)
One of the curious consequences of the sale of CIC to HIH and the subsequent HIH collapse was that Chiyoda as the minor (5%) partner was inevitably caught up in it all Chiyoda had Ray Williams as CEO of HIH as their agent. They immediately approached me to come back as their agent in Australia, which I did, and to this day I am the Chairman of what is now ADICA in Australia.
Another consequence of HIH’s failure was that the Federal Government instituted a Royal Commission to enquire into its demise. It is a strange world how things go in circles, because it was left to Alan Mason and his team, who by then were running ICA, to represent the insurance industry at the Royal Commission, deal with almost continuous media attention and to sort out the subsequent public debacle with the consequent “market failure”. They also negotiated solutions for the reform of public liability with State, Territory and Federal governments and regulators.
As the saying goes “one door closes another opens” and whilst sad for me to witness the end of the Norwich era in Australia it opened a new chapter of my life with even more opportunities and diversity of interests.
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