Tower, with ample capital to meet RBNZ rules, announces $34M buyback

Thu, 16 Apr 2015

April 16 (BusinessDesk) - Tower, the listed general insurer, said its capital holdings are well in excess of the Reserve Bank's minimum solvency requirements, giving it room to buyback as much as $34 million of its stock. The on-market buyback would start after the release of the company's first-half results on May 26. At the end of 2014, the company held at least $135 million 'in solvency' above the central bank requirements, it said. Tower returned $56.7 million to shareholders through buybacks in January and September last year after a...

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