SYDNEY: Tower Limited (NZX/ASX: TWR) today announced that Chief Executive Officer, Blair Turnbull has resigned and will step down on 12 February 2025, following the Annual Shareholder Meeting (ASM) on 11 February 2025. Mr Turnbull joined Tower in 2020 and has overseen considerable transformations at the Kiwi and Pacific Island insurer. Chair Michael Stiassny thanked…
AUCKLAND: New Zealand-based insurer Tower Limited (NZX/ASX: TWR) has significantly raised its earnings forecast for the fiscal year ending 30 September 2024. The company now anticipates its underlying net profit after tax (underlying NPAT) to exceed $35 million. This optimistic projection marks a substantial increase from Tower’s previous guidance, which estimated the underlying NPAT to…
SYDNEY, AUSTRALIA: Tower Limited, a New Zealand-based insurance company, has announced its full year results for the year ending 30 September 2023. The company reported a loss of $1.2 million, compared to a profit of $18.9 million in the previous year, mainly due to the impact of catastrophic weather events that cost $55.6 million in…
AUCKLAND, NEW ZEALAND: In October, Tower Limited purchased an additional 22% stake in National Pacific Insurance from its second largest shareholder for approximately $3.4m, bringing Tower’s total shareholding to over 93%. Following this acquisition, Tower will seek to purchase the remaining shares from minority shareholders, via a compulsory acquisition as allowed under NPI’s governing documents and…
AUCKLAND: Tower Limited has agreed to pay $14 million in cash to ANZ to acquire and assume ANZ’s rights and obligations relating to servicing a portfolio of insurance underwritten by Tower. This transaction enables this portfolio to be brought into the Tower Direct business. Tower provided insurance for ANZ and National Bank customers between 1990…
SYDNEY: Kiwi insurer Tower Limited has secured a referral agreement for Club Marine’s Pleasure Craft Insurance customers, with the potential of adding another 15,000 risks and $8m in Gross Written Premiums to Tower’s business. Under the agreement, Tower will offer Boat Insurance policies to Club Marine’s New Zealand customers on their renewal, as well as…
SYDNEY: Tower Limited has entered into a settlement agreement with the Earthquake Commission (EQC) regarding an outstanding receivable resulting from the Canterbury Earthquakes. Under the settlement agreement Tower will receive $42.1m after disbursement to reinsurers and costs. The write off of the residual amount will result in an impact of approximately $9.5m on Tower’s FY20…