Liquidators appointed to quake insurance company
Liquidators have been appointed to a small Queenstown-based insurance company with around 150 claims relating to earthquakes in Christchurch.
Liquidators have been appointed to a small Queenstown-based insurance company with around 150 claims relating to earthquakes in Christchurch.
David Ruscoe and Simon Thorn, of Grant Thornton New Zealand, were appointed liquidators on Friday after directors of Western Pacific became concerned about the solvency of their company.
Mr Ruscoe said checks were being made that all insurance policies were in place and valid and that all reinsurance contracts were in order.
"We know people will be worried about their situation and so we're urgently working through these issues," Mr Ruscoe said.
Policy holders were being contacted through their brokers.
"We're giving priority to claims relating to the Christchurch earthquake. We understand there are 78 claims for the September earthquake and 77 claims for the February one."
Western Pacific is a New Zealand-owned and operated insurance company. It was established in April 2005 and is principally a broker brand that offers a broad range of commercial, domestic and specialty products as well as programmes for affinity groups, underwriting agents and preferred brokers. It has about 7000 policy holders in New Zealand.
The claims department remains operational and is still taking claims. Queries can be made by calling 0800 66 56 56.
No further comment could be made until the liquidators had carried out a review and looked at further options for the business, Mr Ruscoe said.
Standard & Poor's Ratings Services said today that it has placed its insurer financial strength and counterparty credit ratings on Western Pacific to ‘R’ for regulatory action, after the company was placed into liquidation.
The rating was ‘B’ (effective January 2009), denoting weak financial security characteristics.
NZPA + NBR
Tue, 05 Apr 2011
Tue, 05 Apr 2011
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Liquidators appointed to quake insurance company
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