China Taiping Insurance exits NZ citing reinsurance difficulties

Wed, 01 Aug 2012

By Hannah Lynch Aug. 1 (BusinessDesk) - China Taiping Insurance (NZ), the local unit of the Hong Kong stock exchange-listed insurer, will exit the New Zealand market, effective immediately, citing difficulties obtaining reinsurance. "All existing policies will remain active until the policy period ends," Richard Sun, general manager, said in a letter to brokers. "The company has reinsurance for existing policies and expects to have sufficient reinsurance until all existing policies expire." "It may take several years to settle claims and cl...

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