Tower places additional reinsurance reinstatement cover

Kiwi insurer, Tower Limited (NZX/ASX: TWR) today announces it has successfully placed additional reinsurance reinstatement cover for the remainder of the financial year ending 30 September, 2023.

Tower recently indicated it would purchase additional catastrophe reinsurance to cover the increased estimate for the ultimate cost of February’s Auckland and Upper North Island Weather event. This action aligns with Tower’s comprehensive approach to reinsurance.

Prior to this reinstatement, Tower had protection for a potential third catastrophe event up to $889m in the financial year. This additional purchase of $100m of cover reinstates protection for a fourth catastrophe event up to $889m in the financial year.

Tower has sufficient reinstatement cover for Cyclone Gabrielle claims.

Tower will provide further details on its reinsurance programme at its half-year results presentation on 25 May 2023.

ENDS

 Tower places additional reinstatement cover

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

CEN - Contact Chair to retire this year, new Chair appointed
May 1st Morning Report
GTK - Gentrack's Veovo Acquires Dubai Technology Partners
SML - Additional information following Bright Dairy announcement
April 30th Morning Report
Rua Bioscience Market Update
FSF - Fonterra announces interim leadership changes
April 29th Morning Report
NZK - Blue Endeavour Pilot Farm and Wellboat Update
TRU - FY 31 March 2026 Revenue and Results Guidance Achieved