• Street Talk

Tower Ltd on high alert as big insurers circle back

The alarm bells are ringing inside New Zealand's dual-listed general insurer Tower Ltd.

• Updated Sep 22, 2016
• Edited by Sarah Thompson, Anthony Macdonald and Joyce Moullakis

Tower focuses on general insurance, lifts dividend

After a major strategic review of the entire operations, financial services group Tower is turning its attention to general insurance after hiving off three of its major divisions in the last six months.

• Updated May 29, 2013
• Ruth Liew

• Investment banking

Guinness Peat sells out of Capral

Guinness Peat Group has sold its 47 per cent stake in listed manufacturer Capral.

• Updated Feb 6, 2013
• Sarah Thompson and Anthony Macdonald

• Opinion

Tower Ltd opens its books

New Zealand and Australian-listed Tower Ltd is opening up the books to interested parties, after a strategic review flushed out interested parties.

• Sep 13, 2012
• Sarah Thompson and Anthony Macdonald

• Street Talk

Tower New Zealand in play

Nearly two years after Japanese insurance giant Dai-ichi Life snapped up stakes in Tower Australia, New Zealand’s Tower Limited is poised to announce the results of its strategic review as early as today.

• Sep 13, 2012
• Sarah Thompson and Anthony Macdonald

Tower mulls capital return

Tower, the insurer that raised $NZ81.3 million in 2009 to pursue growth opportunities, says it will consider returning capital to shareholders after being outbid in acquisitions by rivals with deeper pockets.

• Feb 8, 2012

• Street Talk

Why Wesfarmers’ insurance policy puzzles

Not for the first time, investors are querying why Wesfarmers remains wedded to its insurance business, which is facing a second year of poor returns after another blow-out in claims.

• Updated Jan 20, 2012
• Sarah Thompson, Christine Lacy and Stephen Shore

Tower Ltd (TWR)

The broker’s analysts say the cover is “roughly in line" with expectations, meaning the additional insurance spend is priced into valuations; they reiterate their “outperform" rating but reduce their target price to $NZ1.90 from $NZ2.03.

• Oct 5, 2011
• Claire Stewart

Home premiums surge at Tower NZ

Policyholders with New Zealand’s Tower will pay an average of 25 per cent more as the insurer seeks to claw back reinsurance costs, which have tripled.

• Updated Oct 4, 2011
• Jane Searle

Financial Services briefs

The Australian Securities Exchange Disciplinary Tribunal has imposed a fine of $40,000 on Macquarie Bank for contraventions of its operating rules.

• Jun 30, 2011

Financial services briefs

New Zealand’s Tower Limited advised that the issue price of shares to participants in Tower’s dividend reinvestment plan is $NZ1.53 a share.

• Jun 29, 2011
• Vesna Poljak

Tower (TWR)

Credit Suisse has decreased its target price on general and life insurer Tower following its updated reinstatement cover.

• Updated Jun 24, 2011
• Claire Stewart

Financial services briefs

Diversified fund manager Pengana Capital appointed Damian Crowley to lead its distribution team. He has 25 years’ experience in funds management distribution.

• Updated Jun 24, 2011

PAC:Tower profit falls, hit by Christchurch

Half-year net profit at insurer and fund manager Tower fell 54 per cent to $NZ12.8 million ($9.72 million), with the result including the impact of earthquakes in Christchurch and a loss due to changes in the global investment market.

• May 27, 2011

Insurance costs exaggerated: JPMorgan

JPMorgan analysts have questioned estimates of insurance industry losses from the Japanese earthquake of about $US50 billion and suggested a range of $US10 billion to $US15 billion.

• Updated Mar 16, 2011
• Sarah Thompson and Paul Garvey