Tuesday 26th April 2011
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All insurance policies held by Queenstown-based Western Pacific Insurance have been cancelled, after liquidators were unable to sell, transfer or assign the business.
In a letter to policy holders, liquidators David Ruscoe and Simon Thorn of Grant Thornton New Zealand said they had determined that Western Pacific was unable to provide insurance cover to policy holders.
The liquidators said their priority was to ensure that reinsurance with offshore companies could be collected.
"Once we confirm this amount, we will be in a better position to progress the individual claims," the liquidators said today.
To help policy holders find alternative insurance cover, a preferred supplier agreement had been reached with Tower Insurance.
The liquidators' first report said it was understood that Western Pacific had about 7000 policy holders in this country, and also had interests and exposure in Australia and the wider Asia Pacific region.
Western Pacific had significant financial exposure as a result of recent earthquakes in Christchurch, and its directors had determined it was not in a position to meet such claims.
As at April 7 a large volume of claims had still to be assessed and determined, while the liquidators were also trying to collect a significant amount of unpaid premium income.
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