NZ$701mn reinsurance dispute goes public
New Zealand's local government insurer Civic Assurance is facing a "potential dispute with its reinsurers" about 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...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.
Purchase
Follow us:
