Insurer buys more Canterbury rebuild reinsurance cover

New Zealand-based insurer Tower Ltd. has increased the level of its reinsurance cover relating to the 2011 Christchurch earthquake, Stuff.co.nz reported.

David Hancock, chief executive of Tower, said that the insurer has secured an additional $50 million in reinsurance cover for any adverse developments associated with the quake rebuild.

"This additional cover limits exposure and maintains financial flexibility should circumstances change," said Mr. Hancock.

Mr. Hancock added that Tower had settled and closed 93% of all claims related to the Canterbury earthquake events.

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