TWR - Tower Insurance.

[winner69]

Bloody heck - another downgrade

So far this year

Last Year profit 28.4m
Said F21 would be about 30m
In May said 25m to 27m
In June said 22m to 24m
and now its 19m to 21m

The year is nearly over so hopefully no more downgrades

And then they can start a story line for F22

Suppose four big house fires in a week is just bad luck
http://nzx-prod-s7fsd7f98s.s3-websit...554/355226.pdf

[sb9]

Bloody heck - another downgrade

So far this year

Last Year profit 28.4m
Said F21 would be about 30m
In May said 25m to 27m
In June said 22m to 24m
and now its 19m to 21m

The year is nearly over so hopefully no more downgrades

And then they can start a story line for F22

Suppose four big house fires in a week is just bad luck
http://nzx-prod-s7fsd7f98s.s3-websit...554/355226.pdf

Back to low 60c or even 50c range by the looks.

[nztx]

Do they Offer Insurance against their Downgrades ?

Investor misadventure in following their Board member's TWR holdings buying antics ?

it may be horrendously expensive premium wise ..

[Getty]

Bloody heck - another downgrade

So far this year

Last Year profit 28.4m
Said F21 would be about 30m
In May said 25m to 27m
In June said 22m to 24m
and now its 19m to 21m

The year is nearly over so hopefully no more downgrades

And then they can start a story line for F22

Suppose four big house fires in a week is just bad luck
http://nzx-prod-s7fsd7f98s.s3-websit...554/355226.pdf

https://youtu.be/iYuldgIOelY

[Rawz]

Bloody heck - another downgrade

So far this year

Last Year profit 28.4m
Said F21 would be about 30m
In May said 25m to 27m
In June said 22m to 24m
and now its 19m to 21m

The year is nearly over so hopefully no more downgrades

And then they can start a story line for F22

Suppose four big house fires in a week is just bad luck
http://nzx-prod-s7fsd7f98s.s3-websit...554/355226.pdf

Once read somewhere downgrades come in three's..

Guess they just sticking to the rules of the investing world.

[Poet]

Bloody heck - another downgrade

So far this year

Last Year profit 28.4m
Said F21 would be about 30m
In May said 25m to 27m
In June said 22m to 24m
and now its 19m to 21m

The year is nearly over so hopefully no more downgrades

And then they can start a story line for F22

Suppose four big house fires in a week is just bad luck
http://nzx-prod-s7fsd7f98s.s3-websit...554/355226.pdf

Jeez, they cant seem to catch a break this year can they?

Anyway, even with three downgrades, still a $20m NPAT on an Enterprise Value (EV) of just $174m (=$274 market cap less $100m cash in bank) so earnings multiple to EV of just 8 and that's in a bad year. They should return that extra cash to shareholders rather than sitting on it at 1% return.

Anyway, a fresh start at the end of this month and lets hope for a better 2022

[Antipodean]

Downgrades are not fun. As noted this is the third and they come in threes so hopefully the last.
4 total loss house fires in the last week is rough - probably makes up a good chunk of $3m it of itself considering how much houses cost to build (plus extra costs to demo costs in fire cases).
While this news is never fun better to find out about it sooner than later.

[Dassets]

Tower gives back $7.2m to customers and says refunding COVID-19 car claim reductions is the right thing to do
Kiwi insurer, Tower, has today confirmed that it will be refunding customers $7.2m, due to the lower cost of car claims during the COVID-19 lockdown period.
Tower CEO, Richard Harding, said that every customer would be refunded part of the car insurance premiums they paid during the level three and four lockdowns.

We’re a Kiwi company and look after our customers, so after seeing a significant reduction in claims, we knew the right thing to do was pass these lower costs on. For most customers, the refund will equate to around 40% to 45% of the car insurance premiums they paid between 24 March and 13 May 2020

This downgrade does not gel. Above is an extract from last year. I always thought it was crazy to give the money back as the company had taken the risk. So with the current ;lock down what is different? Remember the profit should be UP because cars weren't being driven and crashing! Where is the profit? And if it was good last year to not ""insult"" customers hence repayment then why insult them this year.

I am not a current holder but I am very disappointed in what I thought was at long last a turnaround. Shareholders need to know what the heck is going on.

[Getty]

Come back in a years time when one or some of the following events have occurred;

One of NZ's volcanoes relieves its bowels over a wide area.

A tsunami swamps a coastal town, eg Thames, Petone, Whakatane.

A river bursts it banks and floods a city, eg Hastings.

An Earthquake wreaks havoc.

A bush type fire runs through a town, or out of the greenbelt into Wellington.

Tower will have to re name itself Midget.

[winner69]

Come back in a years time when one or some of the following events have occurred;

One of NZ's volcanoes relieves its bowels over a wide area.

A tsunami swamps a coastal town, eg Thames, Petone, Whakatane.

A river bursts it banks and floods a city, eg Hastings.

An Earthquake wreaks havoc.

A bush type fire runs through a town, or out of the greenbelt into Wellington.

Tower will have to re name itself Midget.

Big disaster would be Mt Eden blowing it’s top