Tower has successfully renewed its reinsurance programme for the financial year ending September 2026.
The company secured comprehensive cover at competitive rates for its home, motor, boat, and commercial portfolios in New Zealand and the Pacific markets.
Tower estimates that its reinsurance premium expense will represent 10.7% of gross written premium in FY26, down from 13.3% in FY25.
This reduction will be partially offset by lower reinsurance recoveries on property risks that were previously ceded to a proportional treaty.
The renewed programme includes an increase in the catastrophe upper limit to $915 million, continued cover for a third catastrophe event of up to $85m, and a structural change in protection for large individual property risks from proportional to excess of loss cover.
Tower's chief executive, Paul Johnston, said the programme reflected the company's commitment to financial resilience and flexibility for sustainable growth.
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