Tower to get $42.1m EQC settlement

Tue, 24 Nov 2020

The Earthquake Commission will pay out more than $40 million to insurer Tower to settle a long-running fight over outstanding Canterbury earthquake claims.The insurer announced to the NZX on Tuesday it had settled with EQC to resolve the disagreement over how much the company was still owed from the disaster. EQC had agreed with insurers for them to pay out smaller claims and later get reimbursed by the government agency.Tower said it would get $42.1 million after paying out reinsurers and costs. Its net profit would be impacted by about $9.5 m...

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