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TWR
01/10/2012 08:30
GENERAL
REL: 0830 HRS Tower Limited
GENERAL: TWR: Reinsurance update
1 October 2012
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 REINSURANCE UPDATE
TOWER has today confirmed the successful placement of its reinsurance
programme for the 2012/13 financial year.
The programme again involves reinsurance cover for two catastrophe events.
The excess for an event arising in the 2012/13 year will be NZ$11.7million
compared with NZ$6.7 million in the previous year.
TOWER has also continued to enhance its reinsurance programme, with the limit
for 2012/13 increased to $525 million per event. Due to changes in the
programme, and an increase in premium levels charged by reinsurers, TOWER's
total reinsurance premiums for the 2012/13 year will be higher than in
2011/12. The company has increased the premium rates for its house, contents
and motor policies, consistent with the market, to adjust for the increased
reinsurance costs.
Rob Flannagan
Group Managing Director
TOWER Limited
Tel: +64 9 369 2279
ARBN 088 481 234 Incorporated in New Zealand
End CA:00227923 For:TWR Type:GENERAL Time:2012-10-01 08:30:06
