- Release Date: 28/08/13 19:16
- Summary: GENERAL: TWR: Confirmation of licences and Christchurch update
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TWR 28/08/2013 17:16 GENERAL REL: 1716 HRS Tower Limited GENERAL: TWR: Confirmation of licences and Christchurch update 28 August 2013 Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington NEW ZEALAND Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 AUSTRALIA Confirmation of licences and Christchurch update TOWER Limited has today confirmed that full insurance licences have been issued by the Reserve Bank of New Zealand for its general insurance business and retained life insurance business. The companies for which the licences have been issued are TOWER Insurance Limited and TOWER Life (NZ) Limited. TOWER also advises that it has completed its review of the provisions for the Christchurch earthquake events for the quarter ending 30 June 2013, with the provisions remaining unchanged. TOWER continues to make strong progress in settling Christchurch claims. TOWER has settled 71 per cent of claims (by number) and is well above the industry average rate of settlement (by value). ENDS David Hancock Chief Executive Officer TOWER Limited ARBN 088 481 234 Incorporated in New Zealand For further information, please contact: Tracey Palmer Head of Corporate Communications DDI +64 9 369 2017 End CA:00240337 For:TWR Type:GENERAL Time:2013-08-28 17:16:17
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