Claims manager ACS (NZ) says it paid $NZ510.57 million ($425.78 million) in claims last year, mostly resulting from the Canterbury earthquakes.

The company – formed by Ansvar when it quit the New Zealand market – received $NZ507.84 million ($423.51 million) from reinsurance and other recoveries, its annual report shows.

Ansvar incurred huge claims from the Canterbury earthquakes, when many stone churches and historic buildings suffered substantial damage.

Most of its losses have been covered by reinsurance, but the company withdrew from New Zealand in 2011 when the cost of reinsurance became prohibitive.

ACS has $NZ233.51 million ($194.73 million) of gross outstanding claims liabilities, with expected future reinsurance recoveries of $NZ226.31 million ($188.73 million).

Last year’s claims settlements have seen ACS’ gross claims incurred fall from $NZ670.18 million ($558.89 million) in 2011, or $NZ12.86 million ($10.72 million) after reinsurance.