Tower has insurance rating affirmed

Company News


Tower Limited (ASX:TWR) says that global insurance ratings specialist A.M. Best Company has affirmed the financial strength rating for Tower insurance as A-. 
 
The rating was given on the back of a strong solvency position and good operating performance. 
 
Despite a near $5 million loss for the first half of the 2015 financial year, the ratings specialist said that underlying profits of the New Zealand-based insurer over the past five years have remained consistently positive. 
 
A.M. Best Company also says the insurer has favourable risk-based capitalisation and prudent reinsurance arrangements. 
 
Tower reported a half yearly net loss of $4.8 million for the 2015 financial year.