ComCom declines Vero/Tower merger

Tue, 25 Jul 2017

By Pattrick Smellie The Commerce Commission is signalling a high tide mark for mergers in the general insurance market, turning down an application by the second and third largest providers of house, contents and vehicle cover, Vero New Zealand and Tower. Owned by Brisbane-based Suncorp, Vero sought permission to acquire Tower's operations after winning a bidding war with Canada's Fairfax Financial Holdings in a deal that valued Tower at $236 million. “The merger would remove Tower as the only independent competitor to Vero and IAG wit...

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