Tower settles with reinsurer Peak Re over policy dispute

Wed, 28 Feb 2018

By Paul McBeth Feb. 28 (BusinessDesk) - Tower has reached a settlement with reinsurer Peak Re over a dispute relating to its 2015 adverse conditions cover, and will get about half what it's claimed. Auckland-based Tower will receive $22 million of the $43.8 million claimed under the reinsurance contract and all sums claimed in arbitration proceedings, it said in a statement. Writing off the residual amount will reduce annual profit by about $15.2 million, it said. The shares rose 2.2 percent to 68.5 cents. "During our recent capital...

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