- Release Date: 28/11/13 17:24
- Summary: GENERAL: TWR: Federal Court of Australia approves Portfolio Transfer
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TWR 28/11/2013 15:24 GENERAL REL: 1524 HRS Tower Limited GENERAL: TWR: Federal Court of Australia approves Portfolio Transfer 28 November 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 Federal Court of Australia approves Portfolio Transfer As signalled at its results announcement earlier this week, TOWER Limited is pleased to announce that the Federal Court of Australia has today approved the Portfolio Transfer for the runoff business underwritten by its Australian branch to Gordian RunOff Limited, a subsidiary of Enstar Group. TOWER Chief Executive Officer David Hancock said today the successful completion of the transaction would release approximately NZ$21 million in capital reserves that had been required by the Australian Prudential Regulation Authority. This will be repatriated to New Zealand, and incorporated into TOWER's capital management plan. "This further underpins TOWER's strong capital position as it moves forward as a focused general insurer. We have a robust growth strategy in place and an effective and efficient capital management programme will provide us with the scope to further invest in our business in the coming years," Mr Hancock said. TOWER and Gordian RunOff Limited will now proceed towards the completion of the transaction, working to the transfer date of 5 December 2013 specified by the Federal Court of Australia at today's hearing in Sydney. The transfer will see Gordian RunOff Limited assume the insurance liabilities and ongoing obligations of the run-off business underwritten by TOWER's Australian branch. The run-off business underwritten by its Australian branch was disclosed as a discontinued operation held for sale in TOWER's recently released financial statements. The sale amount will be settled in cash on the transfer date. 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:00244454 For:TWR Type:GENERAL Time:2013-11-28 15:24:30
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