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Liquidation for Western Pacific Insurance

Western Pacific Insurance, a small firm based in Queenstown, New Zealand, yesterday called in the liquidators. Western Pacific appointed David Ruscoe and Simon Thorn, of Grant Thornton, as liquidators on Friday. The appointment was announced on Monday.Ruscoe said the company was believed to face 78 claims from the September quake and 77 from the tremor on February 22. The liquidators were "checking that all insurance policies are in place and valid, and that all reinsurance contracts are in order," he said.Western Pacific opened for business in 2005 and has about 7000 policyholders in New Zealand.  Its shareholders are listed on the Companies Office website as Gabrielle Martin and Graham Smolenski, of Millbrook Resort, Arrowtown, and Jeffrey and Adele McNally of Victoria.Source: Insurance News Australia

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