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Update from liquidators

06 Feb 2017

Grant Thornton, the liquidators of failed insurer Western Pacific are still waiting for $12.4 million in reinsurances payments. In a new report to creditors, they say $25.8 million has been received from reinsurers.

All but one claim has been assessed by loss adjusters and four are awaiting settlement.

By December, $NZ64.3 million ($61.8 million) of claims from the Christchurch earthquakes had been settled.

A further $NZ741,716 ($713,855) worth of claims had been assessed and $NZ176,566 ($169,922) partly assessed.

The shortfall in reinsurance cover stands at $NZ27 million ($26 million).

The liquidators’ costs for the two months to November 30 were $NZ200,344 ($192,802).

Grant Thornton expects to complete the liquidation this year, six years after the insurer failed.


 - insuranceNEWS

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