Southern Response to call on $500 mln govt backstop as quake claims mount

Fri, 10 Jul 2015

By Paul McBeth July 10 (BusinessDesk) - Southern Response Earthquake Services, the Crown entity established to house AMI Insurance's earthquake liabilities, will get $500 million of uncalled capital from the government as the rising cost of quake claims pushes its shareholder funds deeper into deficit. Budget documents released yesterday show the Treasury thinks it more than likely that Southern Response will need to make a call on additional capital provided under its Crown Support deed, and advised the finance and earthquake recovery mi...

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