Tower skips dividend as stormy weather leaves it seeing red

Tower has got out of covering commercial farms. (Image: Getty)

Thu, 23 Nov 2023

Tower’s board refrained from declaring a final dividend as the general insurer’s books sank into the red after a stormy start to the year drove a spike in claims. The company reported a net loss of $1.2 million in the 12 months ended Sept 30, compared to a profit of $18.9m a year earlier. The underlying profit – which looks through large event costs – was also under pressure, sinking 72.2% to $7.6m as the cost of meeting the deluge of storm-related claims was driven faster by more expensive and increa...

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