NEW CAP DIRECTOR DISQUALIFIED

Australian regulator APRA has disqualified Paul Williams, formerly managing director at New Cap Reinsurance Australia (NCRA), from being a director or general manager at a non-life insurer. Mr Williams was the leader of negotiations with NCRA parent General Cologne Re during which a financial reinsurance deal was put in place that boosted NCRA’s reported 1998 profit by $5.7m. APRA said that Mr Williams failed to disclose the true nature of the contract to NCRA’s auditors, external actuaries, bank and to APRA itself.