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EQC Media Statement On Tower
EQC Chief Executive Sid Miller confirmed that EQC was aware that Tower is filing proceedings, seeking $80m from EQC.
“We have been working bi-laterally with each of the major insurers, including Tower, and their experts on the matter for some time, and continue to do so. These negotiations are commercially sensitive, so we are unable to provide any individual or total figures relating to these discussions.
“While we are disappointed that we were not able to reach a resolution with Tower outside of the Court System, we were not surprised that they are filing proceedings. The intent has been well signalled by Tower despite attempts to resolve the differences between the parties through negotiation.
“We remain confident of our position and will continue to focus on resolving outstanding liabilities with customers, and insurers.”
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