Tower completes renewal of FY27 reinsurance programme

21 September 2026 Tower completes renewal of FY27 reinsurance programme Kiwi insurer Tower (NZX/ASX: TWR) has successfully renewed its reinsurance programme for the financial year ending 30 September 2027 (FY27), securing comprehensive cover at competitive rates across its home, motor, boat, and commercial portfolios across New Zealand and Pacific markets. Key details of the FY27 reinsurance programme include: • Catastrophe upper limit increased to $970 million, up from $915 million in FY26 • Improved structure for third catastrophe limit, supporting efficiency while increasing cover to $100 million, up from $85 million in FY26 • Catastrophe event excesses remain at $20 million, unchanged from FY26 • As in previous years, the $970 million catastrophe limit includes a pre-paid reinstatement, providing cover for two large catastrophe events. Tower estimates its reinsurance premium expense will represent 9.5% of Gross Written Premium in FY27, down from 10.6% in FY26. Tower CEO Paul Johnston says the reduction reflects a combination of favourable global reinsurance market conditions, Tower’s strong business performance, and the FY25 and FY26 expansion of its risk-based pricing capability across additional perils. “Our disciplined approach to risk selection, pricing and portfolio management has helped us secure a strong outcome for our FY27 reinsurance arrangements, supporting Tower’s ongoing resilience and ability to offer competitive pricing for customers,” he says. Tower has revised its approach to securing its third catastrophe limit of cover. In prior years, Tower purchased this cover annually as a prepaid limit. For FY27, Tower has secured this cover on pre-agreed terms, payable if two catastrophe events occur. Tower has also continued to strengthen its relationships with global reinsurers, with several partners committing to new multi-year agreements. These arrangements provide greater certainty around future reinsurance costs and catastrophe excesses. Ends. This announcement has been authorised by: Paul Johnston, Chief Executive Officer, Tower Limited For media enquiries, please contact: Emily Davies Head of Corporate Affairs and Sustainability +64 21 815 149 Emily.Davies@tower.co.nz For investor enquiries, please contact: James Silcock Head of Strategy, Planning and Investor Relations +64 22 395 9327 James.Silcock@tower.co.nz