Western Pacific Insurance appoints liquidators

Western Pacific Insurance appoints liquidators on solvency concerns

April 4 (BusinessDesk) - Western Pacific Insurance Ltd., a Queenstown-based insurance company exposed to claims from the Christchurch earthquakes, has appointed liquidators amid concern the firm may be insolvent.

David Ruscoe and Simon Thorn, of Grant Thornton New Zealand were appointed as liquidators, according to a statement. Western Pacific if listed as being in liquidation on the Companies Office website.

Ruscoe said the company is believed to face 78 claims from the September quake and 77 from the tremor on Feb. 22. The liquidators are “checking that all insurance policies are in place and valid and that all reinsurance contracts are in order,” he said.

“We know people will be worried about their situation and so we’re urgently working through these issues,” he said in the statement.

He said the appointment was made on Friday after directors of Western Pacific became concerned about the solvency of their company.

Western Pacific started business in 2005 and has about 7,000 policyholders in New Zealand.

Its shareholders are listed on the Companies Office website as Gabrielle Martin and Graham Smolenski of Millbrook Resort, Arrowtown, and Jeffrey and Adele McNally of Victoria, Australia.

(BusinessDesk)

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