New Zealand's local government insurer Civic Assurance is
facing a "potential dispute with its reinsurers" over
claims amounting to NZ$701mn ($561mn), says AM Best.
According to its 2011 annual report, Civic purchased a property reinsurance programme incepting on 30 June 2010 that was "uncapped", had pre-paid reinstatements and a retention of just NZ$3.6mn per event.
Civic incurred claims of around NZ$86mn from the September 2010 earthquake and NZ$634mn from the February and June quakes the following year.
According to its...
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