UPDATE: Tower shares sink to two-month low as investors question ability to compete

Tue, 24 May 2016

(Recasts on share price, broker comment) By Paul McBeth May 24 (BusinessDesk) - Tower shares dropped to a two-month low after the general insurer posted a wider first-half loss and flat gross written premium income, raising questions about its ability to compete with larger rivals. The Auckland-based insurer reported a net loss of $8.7 million, or 5.42 cents per share, in the six months ended March 31, from $4.9 million, or 2.99 cents, a year earlier, it said in a statement. That included a $19.6 million impairment charge on its IT sy...

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