CBA would have established a captive if they could, but would need to shirt front their prudential regulator.
APRA is not keen on ADI’s insuring themselves. There were around 10 captive LMIs before the GFC, post the crisis APRA coerced the shut down of all but ANZ (established in 1959) and WBC (late 70s).
After allowing an expanded risk profile in the St George captive (and subsequent difficulties), when same person went to WBC they again allowed additional risk taking. The WBC captive soon found itself in trouble.
Prudential regulator subsequently admonished WBC. Feeling shame, WBC sought to distance itself (enter Arch Capital).
CBA would have established a captive if they could, but would...
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