Troubled New Zealand
financial services group Dorchester Pacific has closed its doors to
new life insurance business. Dorchester Pacific, which until the
announcement offered life cover in addition to its consumer finance
operations, was saved from bankruptcy in 2010 when shareholders
agreed to swap its debt for new equity.
In a statement that
accompanied Dorchester Pacific’s results for the half-year to
September 2011 its CEO Paul Byrnes commented: “Dorchester Life’s
business has become too complex for its overall scale.”
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Dorchester Pacific reported a
net loss of NZ$993,000 ($765,000) in the half-year.
Dorchester Pacific also announced that it is to apply for
a general insurance licence which it believes will complement its
consumer lending business.
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