From looking at the S&P site, accessed via ASX indices,...

From looking at the S&P site, accessed via ASX indices, adjustments are quarterly, but based on past 6 months of data. On the face of it, PIH will still then carry forward the BBI market cap history. Not sure if they use discretion given major recapitalisation. Also, not sure what view they will take on the float...do they adjust for 40% shareholders? Thus, it may take two or three quarters for PIH to work its way up the indices.

"The Index Committee reviews constituents quarterly to
ensure adequate market capitalization and liquidity. Both
market capitalization and liquidity are assessed using
the previous six months’ worth of data. Quarterly review
changes take effect the third Friday of December, March,
June, and September. The weighting of constituents in
the S&P/ASX 200 is determined by the float-adjusted market capitalization assigned to each security by the Index Committee. Every index constituents’ fl oat adjustment is reviewed as part of the March quarterly review.

CRITERIA FOR INDEX ADDITIONS
• Listing. Only securities listed on the Australian Securities
Exchange are considered for inclusion in any of the
S&P/ASX indices.
• Market Capitalization. Companies are assessed based
on the average of their previous 6-month day-end fl oatadjusted
market capitalization.
• Public Float. There must be public fl oat of at least 30%
for a stock to warrant inclusion in the S&P/ASX indices.
• Liquidity. Only securities that are actively and regularly
traded are eligible for inclusion in any S&P/ASX indices."