Catastrophe Claims Continue to Impact Tower’s Fiscal 2017 Earnings
Fiscal 2017 continues to get worse for no-moat-rated Tower as more catastrophe claim costs hit earnings, this time from storms associated with ex-Cyclone Debbie. Fortunately for shareholders, the company is in play with two bidders. Suncorp Group looks to be in the box seat with its indicative nonbinding NZD 1.30 per share cash offer and its 19.9% blocking stake. The under bidder is Canadian financial group Fairfax Financial, which had the backing of two major shareholders that hold a combined 1...Tower is engaged in the provision of general insurance. Co. and its subsidiaries primarily operate in New Zealand with some of its operations based in the Pacific Islands region. Co. and its subsidiaries' operating segments are New Zealand General Insurance and Pacific Genral Insurance. The New Zealand General Insurance segment comprised general insurance business written in New Zealnd. The Pacific Genral Insurance segment includes genral insurance business with customers in the Pacific Islands written by TOWER Insurance subsidiaries and branch operations.
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