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December 13, 1988, Sydney, New South Wales, Australia
Founder:
FAI Insurance, Ltd.
Also Known As:
Laszlo James Adler
Lawrence James Adler was a Hungarian-born Australian businessman, founder of the Fire and All Risks Insurance Co. (later renamed FAI Insurance, Ltd.) and one of the 10 richest men in the country.
Adler, whose father died in a Nazi concentration camp during World War II, fled his Hungarian homeland in 1949. Arriving in Australia in 1950, Adler was a penniless refugee who was unable to speak English. He worked as a Melbourne railway labourer, a taxi driver, and a janitor before founding FAI (1960), which later became Australiaâs largest general insurer. An aggressive stock market investor renowned for international corporate takeovers, he acquired almost 15 percent of the British merchant bank Hill Samuel, which was taken over by another bank just prior to the stock market crash of October 1987. Adlerâs profits in the deal pushed FAI to a precrash value of more than $1.7 billion (Australian). After Adlerâs death FAI was acquired by another Australian insurance company and later became part of the Allianz Group of Germany.
