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Reinsurance payouts reach Western Pacific policyholders

The liquidators of Western Pacific Insurance have paid Canterbury policyholders $NZ18.7 million ($17 million) from money received from the failed insurer’s reinsurers.

A distribution by liquidator Grant Thornton relating to the September 2010 earthquake totalled $NZ9.1 million ($8.3 million), representing 35% of total quake losses.

For the February 2011 quake, policyholders shared $NZ9.5 million ($8.6 million), representing 20% of the total loss.

The liquidator estimates policyholders hit by the September 2010 event will receive payments covering a further 20-40% of their losses if more reinsurance funds are recovered.

Policyholders affected by the February 2011 event could receive a further 15-20%.

Grant Thornton had recovered $NZ25.8 million ($23.5 million) from reinsurers at the end of last month, with a further $NZ12.4 million to come ($11.3 million).

Total claims from the two earthquakes stand at $NZ65.2 million ($59.4 million), from 215 claims.

Only one assessed claim – for $NZ57,544 ($52,483) – from the February 2011 event is still waiting to be formally agreed by the insured. The rest have been settled.

Grant Thornton hopes to recover the outstanding reinsurance money by the middle of this year, closing the six-year liquidation process.       

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