Western Pacific liquidators cancel policies
Collapsed insurer's policies torn up after administrators unable to sell business.
Collapsed insurer Western Pacific has had its policies cancelled by liquidators.
Western Pacific had 7000 policyholders, and entered liquidation on April 1 after receiving 78 claims following the Christchurch earthquake.
Liquidators David Ruscoe and Simon Thorn of Grant Thornton said they were unable to sell, transfer or assign Western Pacific's business.
"We disclaim the insurance policies as onerous property, the effect of which is the cancellation of all policies immediately," they said.
While no other insurers were willing to take over Western Pacific's policies, liquidators said they have entered into a preferred supplier agreement with Tower Insurance.
"Under this agreement Tower has agreed to consider offering cover to all New Zealand based Western Pacific policy holders at current market rates," Grant Thornton said.
Matt Nippert
Tue, 26 Apr 2011
Tue, 26 Apr 2011
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Western Pacific liquidators cancel policies
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