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- Release Date: 26/07/13 10:30
- Summary: CREDIT: TWR: TOWER Group Credit Ratings Affirmed
- Price Sensitive: No
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TWR
26/07/2013 08:30
CREDIT
REL: 0830 HRS Tower Limited
CREDIT: TWR: TOWER Group Credit Ratings Affirmed
MEDIA STATEMENT
26 July 2013
For immediate release
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
TOWER Group Credit Ratings Affirmed
Global rating organisation A.M. Best Company has affirmed its 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 Health & Life 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.
TOWER welcomes the affirmation of its A- (Excellent) rating from A.M. Best.
Because of industry-wide Canterbury claims cost inflation and volatility as
measured by A.M. Best's capital adequacy ratio modelling, A.M. Best has
revised the outlook for the TOWER Group ratings from stable to negative.
In its announcement, A.M. Best noted that other than adjustments related to
the February 2011 earthquake, TOWER Insurance Limited's underwriting has
shown good profitability.
ENDS
Editor's Note:
A.M. Best defines an 'outlook' as an indication of a rating's potential
direction over an intermediate term (generally defined as 12-36 months)
For further information, please contact:
David Hancock
Chief Executive Officer
TOWER Limited
Tel: + 64 9 369 2084
ARBN 088 481 234 Incorporated in New Zealand
End CA:00238980 For:TWR Type:CREDIT Time:2013-07-26 08:30:04
