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- Release Date: 28/08/13 19:16
- Summary: GENERAL: TWR: Confirmation of licences and Christchurch update
- Price Sensitive: No
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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
