Photos from a sea rescue in Northland show the harrowing conditions the three survivors battled in as they waited for help - as one of their group had already died.
The images show choppy seas - the white-foamed waves indicating how rough conditions were - and what those on the sunken yacht faced; as well as what rescuers had to deal with while winching everyone into the helicopter.
A lone orange liferaft can be spotted in the water.
ACT Party leader David Seymour said its members were in a state of shock after the news.
He called Pedersen an "incredibly kind and hospitable man".
All four people were winched into the helicopter by a dedicated intensive care paramedic.
Yesterday, the Tauranga Yacht and Power Boat Club confirmed the identities of those on board to Sunlive.
'PRAY FOR PEACE, COMFORT AND RECOVERY'
Pedersen was a club member along with another man on board, Bruce Goodwin. The other two survivors were Pedersen's wife, Pamela, and her brother-in-law Steve.
Both surviving men have been discharged from hospital. However, Pedersen's wife remains in a critical condition.