Fidelity Life acquires most of Tower’s life insurance business for net $70 mln

Thu, 09 May 2013

May 10 (BusinessDesk) - Fidelity Life Assurance has acquired most of Tower’s life insurance business for a net amount of about $70 million, propelling the closely held company to the third-largest in the market. Fidelity, whose businesses include life insurance, business insurance and KiwiSaver, is acquiring most of Tower’s non-participating life insurance. The Auckland-based company has a strategy of growing organically and through acquisitions, though assets such as Tower’s life business “don’t come along very often,” said chief executive M...

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