Tower sells Solomon Islands business

Mon, 03 Jul 2023

Tower has signed a conditional deal to sell off its Solomon Islands business to Trans Pacific Assurance for around SBD$17 million (NZ$3.3m).The Solomon Islands business is Tower’s smallest Pacific operation. In the financial year to Sept 30, 2022, it generated gross written premiums of $2.9m and net profit after tax of $100,000. At that time, it had net assets of $2.6m. Tower chief executive Blair Turnbull said the company remained focused on delivering its personal lines and small-to-medium-enterprise customer experience in the...

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