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Tower expects to make reinsurance recoveries for recent cat events


New Zealand-based Tower Ltd. expects to make reinsurance recoveries of between $83 million and $113  million, based on estimates that the Auckland and Upper North Island floods and severe weather will result in claims worth between $95 million and $125 million for the insurer, Artemis reported. Cyclone Gabrielle is also expected to trigger its reinsurance, with an excess of $11.9 million.

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