News - New Zealand: AMI seeks fresh capital to avoid bailout
Source: Asia Insurance Review | Jun 2011
AMI Insurance is looking for fresh capital to satisfy the government’s wish to avoid having to bail it out. The insurer, with about 450,000 policy holders across the country aims to cover all its claims with the fresh capital and has called in Goldman Sachs for advice. It is a bid to strengthen its balance sheet following Christchurch earthquake claims which the company believes will exceed the NZ$600 million (US$472 million) of reinsurance cover it holds for that event.
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