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.