Liquidators appointed to Western Pacific, the failed Queensland-based New Zealand insurer, have cancelled insurance policies. This comes after failed attempts to sell the business off.
Liquidators were appointed on April 1 when Western Pacific Directors became aware they could not meet all claims resulting from the Christchurch earthquake in February 2011. The liquidators will seek reinsurance payouts for insurance claims relating to the Christchurch earthquake and clients’ funds held by insurance brokers.
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