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AMI bailout entity heavily in the red

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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.

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