TWR
03/03/2016 16:02
GENERAL
PRICE SENSITIVE
REL: 1602 HRS Tower Limited
GENERAL: TWR: TOWER Cyclone Winston update
3 March 2016
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 Cyclone Winston update
TOWER Limited (NZX/ASX: TWR) confirmed today that, to date, it has received
fewer than 250 claims as a result of damage caused by Cyclone Winston in the
Fiji Islands.
Based on assessments and analysis to date, TOWER's current estimate is that
the net of tax cost of the potential loss will be between NZ$4.0 million and
NZ$7.0 million, which is less than the excess under its main catastrophe
reinsurance programme.
Chief Executive Officer Richard Harding said that TOWER will refine its claim
cost estimates as assessments progress and as Fiji-based staff continue to
directly assist customers in the affected areas.
"The worst damage has been sustained on the North coast of Viti Levu and
other outer islands. Although it is early days, it appears that TOWER will be
subject to losses lower than initially anticipated given the severity of the
cyclone," Mr Harding said.
TOWER's main catastrophe reinsurance cover has an excess of NZ$10.0 million,
and therefore the anticipated losses from Cyclone Winston will fall within
the excess amount.
TOWER's aggregate cover, which protects from multiple event losses during a
financial year, has an excess of NZ$5.0 million. The claims arising from
Cyclone Winston will contribute to this excess.
ENDS
For investor queries, please contact:
Richard Harding
Chief Executive Officer
TOWER Limited
Phone: +64 9 369 2057
ARBN 088 481 234 Incorporated in New Zealand
For media queries, please contact:
Karine Fox
Head of Corporate Communications
Mobile: +64 21 185 0691
Email: [email protected]
End CA:00278755 For:TWR Type:GENERAL Time:2016-03-03 16:02:34
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
