February 28, 2018 / 4:03 AM / 6 months ago

BRIEF-Tower ‍ Enters Settlement Agreement With Peak Re

Feb 28 (Reuters) - Tower Ltd:

* ‍ ENTERED INTO A SETTLEMENT AGREEMENT WITH PEAK RE REGARDING AN ADVERSE DEVELOPMENT COVER POLICY ENTERED INTO IN 2015​

* ‍TOWER WILL RECEIVE NZ$22MILLION OF NZ$43.75 MILLION CLAIMED UNDER REINSURANCE CONTRACT AND ALL SUMS CLAIMED IN ARBITRATION PROCEEDING​

* ‍WRITE OFF OF RESIDUAL AMOUNT OF CLAIMS WILL RESULT IN A NZ$15.2 MILLION AFTER-TAX IMPACT ON PROFIT​ Source text for Eikon: Further company coverage:

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