Tower buys ANZ insurance portfolio for $14m

Mon, 22 Feb 2021

Tower has agreed to pay $14 million in cash to acquire a portfolio of insurance already underwritten by the insurance company.The kiwi insurer provided cover for ANZ and National Bank customers between 1990 and 2009 and continues to cover over 23,000 people under those policies.Following the acquisition, these customers will be insured directly under a Tower-branded policy and moved to the firm’s cloud-based platform.Chief executive Blair Turnbull said the deal would end future ANZ commission payments on the portfolio. Premiums from the A...

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