Tower to pay $5.9m for Kiwibank's insurance portfolio

Tower chief executive Blair Turnbull said it was continuing to focus on building progressive partnership models with new and existing partners. (Image: Tower)

Riley Kennedy

Thu, 06 Oct 2022

Tower will pay $5.9m to acquire and assume Kiwibank’s rights and obligation relating to a portfolio of insurance policies that had been underwritten by the NZX-listed insurer.The completion of the deal ends Tower’s strategy of acquiring legacy insurance books it underwrote for partners. The insurer said it would migrate those policies to its Tower Direct channel.Since February last year, the general insurer bought books from ANZ, Westpac, TSB and Kiwibank for a total price of $26m, cutting out the $11m of annual commissions it paid...

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