Tower continues to strengthen its solvency position

Thu, 18 Mar 2021

Tower has welcomed the Reserve Bank of New Zealand's decision to reduce its minimum solvency margin.The reduction will mean the margin required to be held by Tower under its licence conditions reduced from $50 million to $25m.According to Tower, this reduction recognises its decreasing risk related to the Canterbury earthquakes.Blair Turnbull, Tower CEO, said the company had a "very strong balance sheet".Tower’s solvency margin as at September 30, 2020, was $140m after adjusting to include the EQC Receivable settlement of $4...

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