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12-12-2016, 08:10 PM
#641
 Originally Posted by winner69
Tower just shot its credibility to bits. Potential investors in their proposed run-off company will be running alright, straight for the hills !
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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13-12-2016, 08:14 AM
#642
Originally Posted by winner69
bad news for tower, they will have no idea of costs now to settle outstanding claims esp if heaps more people take legal action against them what is most concerning is that they withheld info from the people for there own material benefit.
Surely if more of this dodgy behaviour becomes known and shows a pattern and if they go bust and the fact they paid out all the money over the yrs as divs and buybacks then wouldn't the directors be liable for negligence? cause then small shareholders will lose all there money while big shareholders benefited from the buybacks, divs etc
one step ahead of the herd
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13-12-2016, 10:03 AM
#643
Originally Posted by Roger
Tower just shot its credibility to bits. Potential investors in their proposed run-off company will be running alright, straight for the hills !
I've maintained its credibility was already shot with their IT losses, inadequate reserving, and ridiculous market announcements full of unbelievable superlatives. All insurers have had challenges with the Canterbury sequence, I can personally testify to that but shareholders have NOT been informed adequately Uberrimae fidae should work all ways.
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14-12-2016, 11:46 AM
#644
Originally Posted by peat
I've maintained its credibility was already shot with their IT losses, inadequate reserving, and ridiculous market announcements full of unbelievable superlatives. All insurers have had challenges with the Canterbury sequence, I can personally testify to that but shareholders have NOT been informed adequately Uberrimae fidae should work all ways.
Agree. Interesting / disturbing article on behind the paywall on NBR, one excerpt from the litigant in the case above sums it up perfectly. He said words to the effect that shareholders should be very worried.
Last edited by Beagle; 14-12-2016 at 11:48 AM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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06-02-2017, 07:14 PM
#645
How much Tower want back from EQC a bit of a mystery
http://www.interest.co.nz/insurance/...-eqc-over-land
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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07-02-2017, 08:15 PM
#646
http://www.stuff.co.nz/business/8914...thquake-claims
is there light at the end of the tunnel? EQC over cap claims fell sharply Q4 2016
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07-02-2017, 09:06 PM
#647
Originally Posted by Arbroath
They struggling to get around to the 10,000+ claims for the Kaikoura earthquake, the majority of which are from Wellington. We still haven't heard from an assessor two-months on. Maybe Tower doesn't have too much cover exposure so won't affect them?
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09-02-2017, 11:41 AM
#648
trading halt - wonder if its about split of company or a takeover
Last edited by bull....; 09-02-2017 at 12:07 PM.
one step ahead of the herd
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09-02-2017, 12:08 PM
#649
sounds like they received a bid
one step ahead of the herd
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09-02-2017, 12:38 PM
#650
Member
NBR has something behind the paywall about this
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