Failed New Zealand insurer Western Pacific has allocated all its notified Canterbury earthquake claims to loss adjusters – a further step in liquidating the company.

The business holds 204 claims estimated at $NZ58.4 million ($56.51 million) from the September 2010 and February 2011 quakes, and has closed 10 of them, according to the latest report to creditors from liquidators David Ruscoe and Richard Simpson of Grant Thornton.

Western Pacific collapsed in 2011 after the devastating February earthquake.

Estimated reinsurance recoveries of $N32.19 million ($31.15 million) are its only assets. The latest report to creditors says $NZ1.8 million ($1.74 million) has been received and another $NZ13 million ($12.58 million) in claims have been submitted to the reinsurance broker.

The liquidators estimate loss assessment will take another 12 months.