LISTEN LIVE TO NEWSTALK ZB

Newstalk ZB

ON AIR NOW

Keep up with
Newstalk ZB

Follow Us

  • Facebook
  • Twitter
  • YouTube

Select region

Site Search

Search Search

AMI bailout entity heavily in the red

Share |

Business News | Monday February 18 2013 12:49

AMI bailout entity heavily in the red

The insurance company set up by the Government after the collapse of AMI Insurance is heavily in the red.

Southern Response Earthquake Services was set up almost a year ago after AMI failed, leaving its clients hanging.

According to Southern Response's statement of intent, it already has an after tax deficit of over $162 million.

Its asset deficit stands at over $47 million because of increases in claim liability estimates.

The company warns those liabilities could worsen, depending on building and land costs, EQC contributions, and reinsurance.

Newstalk ZB image

Advertisement
Shows & Personalities
Advertisement
  • 'focus on debate, not the host' - Key

  • Missing Algerian plane 'probably crashed'

  • Pressure to prosecute Brownlee over airport securi ...

  • Commonwealth Games: Sprint team claims gold

  • Commonwealth Games: Kiwis claim first medal of Gam ...

  • Commonwealth Games: Questions over triathlon relay ...

  • Auckland Weather

    Today
    HAIL
    H:14° L:
    Click for More Weather
    More Weather

    Labour's education policy

    Which is more important to you?

    Vote Now

    View Results