The former boss of Australian Administration Services (AAS), Stuart Korchinski, will start at the helm of competitor member administrator, CitiStreet, on January 2.
It is understood CitiStreet clients have been informed of Korchinski’s appointment by David Tolve, a CitiStreet executive who has been babysitting the Australian business since the departure of former chief executive Gary Cox earlier this year. Tolve is currently in the US and was not available for immediate comment. Korchinski, who is still officially employed by former AAS owner, Kaz, is currently in his native Canada for family reasons. The chief operating officer of AAS, Andrew Alcock, is effectively acting chief executive of the member administrator. There is some speculation as to whether AAS’ new owner, Link, will directly replace Korchinski or restructure reporting lines. One possiblity being mooted is that separate general managers will be appointed for Link’s shareholder services and super admin businesses, reporting to managing director John McMurtrie.
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
