Tower set to raise premiums as wild weather, Peak Re deal drive wider 1H loss

Mon, 28 May 2018

By Paul McBeth May 29 (BusinessDesk) - Tower says it will have to raise premiums to offset higher reinsurance costs after a spate of wild weather across the Pacific weighed on first-half earnings, and pushed it deeper into the red when combined with the insurer's settlement with Peak Re. The Auckland-based insurer underlying earnings dropped 27 percent to $7.3 million in the six months ended March 31, as "unprecedented storm" activity dragged down the result by $5 million. Combined with a $16.5 million hit from a settlement with reinsure...

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