- Release Date: 27/07/15 08:37
- Summary: CREDIT: TWR: TOWER Insurance Ltd's Financial Strength Rating Affirmed
- Price Sensitive: No
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TWR 27/07/2015 08:37 CREDIT PRICE SENSITIVE 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
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