On 1 April 2011, the Shareholders by Special Resolution appointed David Ian Ruscoe and Simon John Thorn, of Grant Thornton New Zealand Limited, as Joint and Several Liquidators of Western Pacific Insurance Limited.
All policies/contracts of insurance issued by the company were cancelled effective 21 April 2011. Accordingly, all policy holders are advised to arrange alternative cover where possible and act as prudent uninsured in the event alternate insurance cannot be secured.
The Liquidators are working towards recovery of reinsurance proceeds expected to be in excess of $34m in respect of losses resulting from the Canterbury earthquakes on 4 September 2010 and 22 February 2011.
On 3 November 2011 the directions hearing to determine who has rights to the reinsurance was held in the High Court. A copy of the judgment is included in the Report to Creditors of Western Pacific Insurance Limited 21 December 2011.
For further information on the status of the liquidation, please refer to the reports issued by the Liquidators, available below.
If you are owed money by Western Pacific Insurance Limited, click here for a copy of the Claims form for unsecured creditors.
We will report to creditors again in two months' time.