Tower just shot its credibility to bits. Potential investors in their proposed run-off company will be running alright, straight for the hills !
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bad news for tower, they will have no idea of costs now to settle outstanding claims esp if heaps more people take legal action against them what is most concerning is that they withheld info from the people for there own material benefit.
Surely if more of this dodgy behaviour becomes known and shows a pattern and if they go bust and the fact they paid out all the money over the yrs as divs and buybacks then wouldn't the directors be liable for negligence? cause then small shareholders will lose all there money while big shareholders benefited from the buybacks, divs etc
I've maintained its credibility was already shot with their IT losses, inadequate reserving, and ridiculous market announcements full of unbelievable superlatives. All insurers have had challenges with the Canterbury sequence, I can personally testify to that but shareholders have NOT been informed adequately Uberrimae fidae should work all ways.
How much Tower want back from EQC a bit of a mystery
http://www.interest.co.nz/insurance/...-eqc-over-land
http://www.stuff.co.nz/business/8914...thquake-claims
is there light at the end of the tunnel? EQC over cap claims fell sharply Q4 2016
trading halt - wonder if its about split of company or a takeover
sounds like they received a bid
NBR has something behind the paywall about this