UPDATE: Tower's minimum solvency reduced as Canterbury claims progress

Fri, 22 Aug 2014

(Adds latest claims progress in 3rd graph, updates shares in 6th) By Suze Metherell Aug. 22 (BusinessDesk) - Tower's minimum solvency margin has been reduced by $30 million as the Reserve Bank relaxes the amount the insurer needs to have on hand as it progresses through its Canterbury earthquake claims. The general insurer is now required to carry a minimum of $50 million, from a previous $80 million, to retain its insurance licence from the central bank, it said in a statement. According to Tower's website it carried a group solvency...

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