TWR
28/07/2014 08:30
CREDIT
REL: 0830 HRS Tower Limited
CREDIT: TWR: TOWER Group Credit Ratings Affirmed
28 July 2014
For immediate release
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Securities Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
TOWER Group Credit Ratings Affirmed
(Auckland, NZ) Global insurance company ratings specialist A.M. Best Company
has affirmed its financial strength ratings of companies in the TOWER Limited
Group as set out below:
- TOWER Insurance Limited:
financial strength rating A- (Excellent)
Issuer credit rating a-
- TOWER Life (N.Z) Limited:
financial strength rating A- (Excellent)
Issuer credit rating a-
- TOWER Limited
issuer credit rating bbb- (Good)
A copy of the A.M. Best news release is attached.
"We welcome the affirmation of our A- (Excellent) rating from A.M. Best
Company, which supports the confidence our customers have in TOWER's
stability and security, and maintains our respected financial position with
our reinsurers," said TOWER Chief Executive Officer David Hancock.
In its announcement, A.M. Best Company noted that the ratings of TOWER
Insurance reflect the company's adequate risk-adjusted capitalisation and the
benefits it receives from improving conditions for direct insurers in New
Zealand. A.M. Best Company also said the company was showing good new
business profitability.
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
TOWER Limited
Tel: + 64 21 837 860
Email: [email protected]
End CA:00253130 For:TWR Type:CREDIT Time:2014-07-28 08:30:06
