Tag: TWR

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.

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.

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.

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.