TWR - Tower Insurance

[LoungeLizard]

Backward looking metrics don't help much in predicting how much worse - and how often - future adverse weather events are going to be. The market isn't generally very good at pricing risk but maybe it's got it about right with TWR.

[Left Field]

Change at the helm

https://www.nzx.com/announcements/467722

Michael Stiassny retires, Naomi Ballantyne elected as Chair

[seaweed]

Share price rocket ahead now the 'Staissny Drag' is departing

Michael Staissny told us at the meeting, he will be back next year but will be sitting with the shareholders.     

[Shareguy]

Contributions from Westpac and Kiwibank partnerships commence 1 July 2026 however the Trade Me partnership renegotiation later this year presents some risk. Will be interesting in how bad the claims will be from the latest weather events.

[Basil]

Yesterday at the get-together I had a good chat with a fellow investor who also holds quite a lot of Tower.
Consensus is those yields I talked about in posts #627 and #629 are truly outstanding but you need to keep in mind that there's the ever present risk of a true black swan event so that gives this investment a special characteristic and risk.  We agreed that Tower requires careful consideration as to the level of risk one is prepared to take. For what its worth Tower is an 11% allocation in my portfolio.  That's right at the top end of risk I'm prepared to take and reflects that truly outstanding prospective yield.  Risk and potential reward usually go together, but that's not always the case.

[Arbroath]

It's 17% of my portfolio and I've cut that from over 25% in the past few months. It has been a great run but I agree it's prudent to trim given the risk of a one-off event destroying years of good work at an operational level.

[lorraina]

When 911 hit the only share I sold was TWR.
However the insurance companies have gone from unlimited liability to "very limited" liability.[ie risk underwritten]
They are a bit like "born again Christians" ie after a bad year everyone accepts insurance companies will raise premiums.
Tower is being ultra careful on what ,where, and how they will insurance.
Yes looking for growth,however only profitable policies .

[Left Field]

Yesterday at the get-together I had a good chat with a fellow investor who also holds quite a lot of Tower.
Consensus is those yields I talked about in posts #627 and #629 are truly outstanding but you need to keep in mind that there's the ever present risk of a true black swan event so that gives this investment a special characteristic and risk.  We agreed that Tower requires careful consideration as to the level of risk one is prepared to take. For what its worth Tower is an 11% allocation in my portfolio.  That's right at the top end of risk I'm prepared to take and reflects that truly outstanding prospective yield.  Risk and potential reward usually go together, but that's not always the case.

As HLG gets  attention and hits an all time high, it's perhaps timely to compare TWR SP 5yr performance with HLG..... for interest I  also threw in the old IFT yardstick.

Results need to be adjusted for divvies. No doubt HLG doing well,  and so is TWR. IFT looking underpriced at present levels.

[Shareguy]

New ceo selling. Not a good look

https://www.nzx.com/announcements/468523

[Southern Lad]

These shares were issued in late January 2026 for no consideration under a long term incentive plan.  Paul has sold approximately 39% of the shares issued which will presumably be the cash tax cost he faces on this issue.  So provided Paul doesn't sell down further shares, then it appears to me to be an entirely reasonable step.

[Shareguy]

These shares were issued in late January 2026 for no consideration under a long term incentive plan.  Paul has sold approximately 39% of the shares issued which will presumably be the cash tax cost he faces on this issue.  So provided Paul doesn't sell down further shares, then it appears to me to be an entirely reasonable step.

OR a new deck...........