Trans-Tasman Tidings: TWR, FSF
Some news wafted across the Tasman on Thursday from a couple of our ASX-listed Kiwi siblings, insurance group Tower and dairy major Fonterra.
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Tower Limited
Born and bred in New Zealand, Tower has been supporting Kiwis when they need it most for 150 years. In that time, we’ve grown to operate across New Zealand and the Pacific Islands, providing our customers with cover for their houses, cars, contents, businesses and more.
While our heritage is important to us, we’ve also set our sights on the future. Our goal is to meet the 21st century head-on with customer focussed, digital-first insurance solutions for Kiwis and their communities. Why? Because we believe that you deserve better
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News
Tower Insurance Targets Youi’s NZ Book
Tower Ltd’s desire to buy the NZ insurance book of South African group, Youi has seen it forced to go to shareholders for new capital totaling $47.2 million after discussions with the country’s Reserve Bank.
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Weather Claims Whack Tower Insurance
NZ-based insurer, Tower has reported a loss after tax of $NZ11.6 million for the six months to March 31, compared to a loss of $8.2 million for the six months ended 31 March 2017.
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Canadian Firm Targets Tower Insurance
A furry of activity in insurance yesterday with Suncorp revealing a 50% plus plunge in profit for its life business in the six months to December, and is now reviewing its ownership; the AMP taking a huge, multi – million dollar hit (first outlined late last year) against its life business and a surprise bid emerged for the NZ based insurer Tower (TWR) from a big Canadian finance group.
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Quakes Rattle Tower Profit
NZ insurer, Tower, has reported a bigger full-year loss after writing down the value of its IT systems and putting more aside to cover Canterbury earthquake claims.
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