Kiwi insurer, Tower, has successfully renewed its reinsurance programme for the 2025 financial year.
The company said it secured comprehensive cover at competitive rates for its home, motor, boat, and commercial portfolios in New Zealand and the Pacific.
Tower's chief financial officer, Paul Johnston, attributed the favourable terms to the company's focus on risk-based pricing and dynamic rating ability.
The reinsurance arrangements are aimed at providing financial protection from large events volatility and maintaining financial flexibility for growth.
Tower also announced an increase in its catastrophe upper limit to $800 million and expanded cover for a third catastrophe event to $85m.
The company's catastrophe reinsurance excess for the first two events is $18.75m, while it remains unchanged at $20m for the third event.
Tower estimates it will pay 11.7% of its total income for reinsurance cover in FY25, down from 13.9% in FY24.
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