Vero settles Housing New Zealand claim

Media Release

12 April 2013

Embargoed until 3pm

Vero settles Housing New Zealand claim

Vero New Zealand is pleased to announce the settlement of the Housing New Zealand claim for the Canterbury earthquakes.

A record settlement figure of $320 million was reached by the negotiation team which comprised of Vero, co-insurers, broker firm Aon and Housing New Zealand.

“Vero would like to thank the negotiation team for their commitment and willingness to settle this complex claim. This has been a long and rigorous negotiation that required detailed assessments and scoping from multiple events.

“This is a landmark settlement for New Zealand and especially for many Christchurch residents,” said Adrian Tulloch, Vero EGM Corporate and Specialty Lines.

As a leading insurer in New Zealand, Vero has already paid out in excess of $2.1 billion towards the recovery of Christchurch.

“We believe the key to the successful and timely resolution of the Housing New Zealand claim has been the high level of open and transparent communication between the teams involved in the negotiation. It was clear from the outset that we were all committed to reaching a settlement figure that was in accordance with the policy,” concluded Mr Tulloch.

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