Tower signals 108 job losses as looming recession threatens growth

Fri, 29 May 2020

Tower is considering laying off 108 staff as it battens down the hatches ahead of the looming recession. The general insurer reported a 12.9 percent drop in underlying earnings to $16.9 million in the six months ended March 31, due largely to the $4.9 million cost of the Timaru hailstorm in November. Tower lifted gross written premium 8.5 percent to $153.6 million, in part from the acquisition of the Youi NZ portfolio and general growth. Still, the prospect of a sharp economic downturn means the insurer expects a slower pace of growth, an...

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