The Insurance Commission of Western Australia has put its custody contract out for tender, a representative for the Western Australia government motor insurer confirmed.
No further details could be learned.
According to its 2009 annual report, the statutory authority oversaw a pool of about A$2.5 billion (US$2.01 billion). It underwrites and manages six funds, the primary vehicles being the Third Party Insurance Fund and RiskCover Fund.
ICWA's incumbent custodian is BNP Paribas Securities Services.
Simon Mumme writes for Investment I&T News, Sydney.