Tower Limited has successfully placed its reinsurance reinstatement cover for the remainder of the financial year ending 30 September, 2023.
This move comes after the recent Auckland and Upper North Island weather event and Cyclone Gabrielle and will ensure Tower maintains sufficient protection for two additional catastrophe events in FY23.
Tower CFO Paul Johnston says the current reinsurance market is challenging, but Tower's focus on risk-based pricing and strong relationships with reinsurers have kept reinstatement costs reasonable.
The FY23 full year guidance remains unchanged.
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