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TWR - Tower News Story

NZD0.75 -0.1  -7.4%

Last Trade - 6:00am

Sector
Financials
Size
Small Cap
Market Cap £175.8m
Enterprise Value £140.1m
Revenue £165.0m
Position in Universe 504th / 1913

BUZZ-NZ's Tower hits near 3-year high as cenbank reduces solvency margin

Thu 18th March, 2021 3:32am
** Shares of Tower Ltd  TWR.NZ  rise as much as 2.6% to
NZ$0.8, their highest since May 23, 2018 
    ** The insurance firm notes Reserve Bank of New Zealand's
(RBNZ) decision to reduce minimum solvency margin to NZ$25 mln
($18.12 mln)  urn:newsml:reuters.com:*:nFWN2LF0B0
    ** Co says it needs to hold minimum solvency margin under
its license condition, which was earlier set at NZ$50 mln
    ** Tower adds that reduction recognises its decreasing risk
related to the Canterbury earthquakes
    ** Licence condition to be reviewed by RBNZ in 12 months 
    ** More than 1.4 mln shares change hands, vs the 30-day
average volume of 458,678 shares
    ** Stock up 9.9% this year, as of last close
    
    ($1 = 1.2606 Australian dollars)


 (Reporting by Ananya Pande in Bengaluru)
 ((ananya.pande@thomsonreuters.com))
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