TWR - Tower Insurance.

[nztx]

You sound rather disillusioned nztx

Time to give them a miss?

Forgive one for saying .. but it looks like I & others haven't missed out on anything much
in just over a month while busy elsewhere ..

[mike2020]

Forgive one for saying .. but it looks like I & others haven't missed out on anything much
in just over a month while busy elsewhere ..

Try 5 months. I was convinced a year ago there would be a settlement plus a div. They may pull one out of the bag this year but I am happy to watch the show from outside.

[Arbroath]

I see Suncorp has settled with EQC which is interesting. Details are commercially sensitive so we don't know what split they agreed but this has to be slightly good news for Tower as Suncorp have got a settlement without going to court. Will Tower announce a deal with EQC at their half year results?

[Scrunch]

I see Suncorp has settled with EQC which is interesting. Details are commercially sensitive so we don't know what split they agreed but this has to be slightly good news for Tower as Suncorp have got a settlement without going to court. Will Tower announce a deal with EQC at their half year results?

Only if they want to confirm they are non compliant with nzx listing rules. A settlement would be price sensitive information to be released straight away. At best there will be an update that its still in dispute.

[Balance]

https://www.afr.com/companies/financ...0201118-p56fr1

IAG found liable to pay for business interruption costs & losses due to Covid-19.

TWR offers business interruption insurance so could be impacted.

[aquaman]

https://www.afr.com/companies/financ...0201118-p56fr1

IAG found liable to pay for business interruption costs & losses due to Covid-19.

TWR offers business interruption insurance so could be impacted.

Lets hope this doesn't impact Tower here in NZ as IAG are taking this seriously, as they should. Australian ruling but one does wonder if this will open some doors for challenging claim outcomes here in NZ

IAG Group statement
"From a financial perspective, given the anticipated increase inbusiness interruption-related claims, we’ve announced today an estimatedpost-tax provision of approximately $865 million to cover pandemic relatedlosses. In response to this, we are undertaking a capital raising of up to $750million to help strengthen our balance sheet. This will be via a fullyunderwritten institutional placement of $650 million, and a non-underwrittenshare purchase plan up to $100 million for our retail shareholders.

[williethewaiter]

Lets hope this doesn't impact Tower here in NZ as IAG are taking this seriously, as they should. Australian ruling but one does wonder if this will open some doors for challenging claim outcomes here in NZ

IAG Group statement
"From a financial perspective, given the anticipated increase inbusiness interruption-related claims, we’ve announced today an estimatedpost-tax provision of approximately $865 million to cover pandemic relatedlosses. In response to this, we are undertaking a capital raising of up to $750million to help strengthen our balance sheet. This will be via a fullyunderwritten institutional placement of $650 million, and a non-underwrittenshare purchase plan up to $100 million for our retail shareholders.

response from IAG nz CEO "While the outcome was not what our colleagues in Australia were expecting, the case has no application to New Zealand. The wording of our policies in New Zealand are different. "

[aquaman]

Thats good news and hopefully same for Tower .Thanks for update

[Filthy]

https://www.nzx.com/announcements/363819 - finally settled!

[Filthy]

I would be super happy just to get half of it or two-thirds back now (in a deal) rather than wait for a long legal battle to conclude virtually the same thing...

Maybe they read my posts..... 76% back.
Not to bad. Could've been worse eh!