Western Pacific Insurance liquidators expect to wrap up 5-year task in 2016

Mon, 04 May 2015

By Jonathan Underhill May 4 (BusinessDesk) - The liquidators of Western Pacific Insurance, which failed in the wake of the Christchurch earthquakes, say they're likely to complete their five-year task in 2016, although quake claims alone may exceed the estimated recovery from reinsurers. The Queenstown-based insurance company appointed liquidators in April 2011 amid concern the firm may be insolvent. At the time it had about 7,000 policies with New Zealanders, which were subsequently cancelled. Treasury and Reserve Bank papers from the ti...

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