Tower has announced the successful renewal of its reinsurance programme for the financial year ending September 30, 2027.
The company said it has secured comprehensive cover at competitive rates for its home, motor, boat and commercial portfolios in New Zealand and Pacific markets.
As part of the renewal, Tower increasedits catastrophe upper limit to $970 million, up from $915m in the previous year.
It also improved the structure for the third catastrophe limit, increasing the cover to $100m, compared to $85m in FY26.
The catastrophe event excesses remain unchanged at $20m.
Tower estimates that its reinsurance premium expense will represent 9.5% of gross written premium in FY27, down from 10.6% in FY26.
The company said the reduction in premium expense was due to favourable global reinsurance market conditions, strong business performance, and the expansion of its risk-based pricing capability.
Tower also said it has revised its approach to securing the third catastrophe limit of cover and has strengthened its relationships with global reinsurers through new multiyear agreements.
(This story has been generated using AI with editor oversight)
