End to Tower's three year dividend drought in sight

By Paul McBeth | Wed, 20 Nov 2019


Tower expects to end a three-year dividend drought in 2020 after getting its books back in the black this year on premium growth and a smaller claims bill. The listed general insurer reported a net profit of $16.6 million in the 12 months ended Sept. 30, turning around a loss of $6.8 million a year earlier when it included the cost of a settlement with reinsurer Peak Re. This year's bottom line was dragged down by a $6 million charge from Canterbury earthquake claims that exceeded the Earthquake Commission's $100,000 cap. Tower's unde...