It says its current portfolio contains the exposure in its Rest of World risk pillar for holders of ordinary shares.

On the basis of expected loss analyses released to the market by EQECAT and AIR following the earthquake which all indicated that the attachment triggers in the reinsurance contracts would not be breached, the Fund said that it had no reason to believe that there are any potential losses to the reinsurance portfolio.

Over a nine month period, however, Christchurch has had three significant earthquakes which have presented the insurance industry with a unique challenge in determining where the allocation of loss really occurred and quantifying the incremental damage and losses, from the September 2010, February and June 2011 events.

The Fund's portfolio also has potential exposure to the Japan earthquake and tsunami, which happened in March, in its Japanese Earthquake and Japanese All Natural Perils risk pillars.

It has further meetings with the reinsured parties this month and then hopes to provide further information on any potential or realised exposure once the situation has more clarity.