- Release Date: 26/07/13 10:30
- Summary: CREDIT: TWR: TOWER Group Credit Ratings Affirmed
- Price Sensitive: No
- Download Document 1.78KB
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
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