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.