Christchurch settles with Aon over $320m quake claim

Christchurch settles with Aon over $320m quake claim
Flowers were placed in a float to mark the 10th anniversary of the quake in 2021. (Image: Getty)
Paul McBeth
Christchurch city council has cut a deal with Aon New Zealand over the local authority’s $320 million claim that the insurance broker’s behaviour limited its ability to extract money out of its insurers after the Canterbury earthquakes. Christchurch city council (CCC) invoked the arbitration act in 2017 to pursue a $528m claim, which first came to light in Aon’s group quarterly report published on the US Securities and Exchange Commission (SEC). At the time, Aon said it would vigorously defend the claim “that a...

More Finance

Greenslade to step down as Heartland announces Aus leadership
Finance

Greenslade to step down as Heartland announces Aus leadership

Heartland expects to complete the Challenger Bank acquisition by April 30. 

Staff reporters 08 Apr 2024
Suncorp flicks Asteron Life for $410 million
Finance

Suncorp flicks Asteron Life for $410 million

The NZ insurer will continue to operate as a standalone brand.

Staff reporters 04 Apr 2024
Fintechs don’t want Payments NZ in charge of open banking
Finance

Fintechs don’t want Payments NZ in charge of open banking

They say a divorce from the API Centre would avoid any chance of a conflict of interest.

Ben Moore 04 Apr 2024
How to give your portfolio a good cleanout
Finance

How to give your portfolio a good cleanout

Investors should review their goals and strategies around tax time each year.