Housing NZ reaches $320 mln insurance settlement with Vero, Lloyds, Aon, others

Fri, 12 Apr 2013

April 12 (BusinessDesk) – Housing New Zealand has reached a $320 million settlement with insurers led by Suncorp Group’s Vero unit over 5,559 homes damaged in the Canterbury earthquakes, $110 million less than the state agency had originally claimed. The settlement involves for insurers in New Zealand, 23 in the UK and Europe, Lloyds of London and insurance broker Aon and is the largest-ever single insurance payout in New Zealand, according to a statement from Housing Minister Nick Smith. The reduced payout reflected early repayment and a re...

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