$2m insurance payout for Renaissance

Kiwi IT company Renaissance has received an insurance payout totalling over $2 million in recognition of losses incurred as a result of the February 2011 Christchurch earthquake.

$1,125,000 of the payout is for loss of profits, while $913,000 is for material damage to the company's retail and education operations, according to a statement submitted by the company to the NZX.

The move will come as a huge relief for the company, which admitted a 'stretched' balance sheet at its recent AGM.

At the time, Renaissance chairman Colin Giffney said the company had received three payouts totalling $1.9 million, after submitting business interruption and material damage claims in excess of $5 million altogether.

"The BNZ has been very supportive and we are grateful to them," Giffney said, referring to short-term assistance offered by the bank in November.

The company was also confirmed it is looking at selling its distribution business, but there has been no update on this.