Tower pushes out dividend resumption to 2019 as wild weather, reinsurance settlement weigh

Tue, 27 Nov 2018

By Paul McBeth Nov. 28 (BusinessDesk) - Tower won't pay a dividend this year as planned as the cost of covering wild weather claims across the Pacific and a settlement with its reinsurer kept the firm in the red. The insurer had planned to resume paying dividends this financial year, but now says that will happen next year when its transformation programme is expected to boost earnings. The board suspended dividends to preserve capital in 2016 as the firm contended with escalating costs from the Canterbury earthquakes. The shares were do...

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