AMI Insurance has secured reinsurance cover in the wake of the Canterbury earthquakes but says it will cost more.
The insurer's reinsurance package was set to expire on Friday.
AMI's chief executive John Balmforth, who negotiated the new package with a consortium of international re-insurance companies, says while it will cost more, the new package gives greater re-insurance protection - up to $1.3 million per event in the year to 30 June 2012.
The statement from Mr Balmforth, released on Thursday, does not say how much the company is paying for that cover, other than it is obviously more expensive.
But in the year to 30 June 2011, AMI paid about $46 million for re-insurance, including additional catastrophe re-insurance cover purchased following the September 2010 amd February 2011 quakes.
Mr Balmforth says its new catastrophe reinsurance programme provides protection across New Zealand, including Christchurch.