TWR
27/07/2015 08:37
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REL: 0837 HRS Tower Limited
CREDIT: TWR: TOWER Insurance Ltd's Financial Strength Rating Affirmed
27 July 2015
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 Insurance Limited's Financial Strength Rating Affirmed
Global insurance company ratings specialist A.M. Best Company has affirmed
its financial strength rating for TOWER Insurance Limited as A- (Excellent).
The company's issuer credit rating was affirmed as a-.
A copy of the A.M. Best Company's news release is attached.
TOWER Chief Executive Officer David Hancock today welcomed the ratings
affirmation.
"It supports the confidence our investors and customers have in TOWER's
financial stability and security, while maintaining our respected financial
position with our global reinsurance partners.
"TOWER's very strong solvency position has allowed the company to maintain
its excellent credit rating while continuing with our 90% to 100% dividend
payout policy and the $34 million share buy-back programme, commenced earlier
last month," Mr Hancock said.
In its announcement, A.M. Best Company noted that the ratings of TOWER
Insurance Limited reflect the company's favourable risk-based capitalisation
and good operating performance. These are further supported by adequate
underwriting leverage, prudent reinsurance arrangements and conservative
investments.
A.M. Best Company also said TOWER Insurance Limited is maintaining a level of
solvency capital that is significantly higher than its local minimum solvency
capital.
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:00267444 For:TWR Type:CREDIT Time:2015-07-27 08:37:05
