Tower to return ‘initial’ $70M of capital from sale of life business

Mon, 16 Sep 2013

Sept. 17 (BusinessDesk) – Tower, the general insurer that is 34 percent owned by Guinness Peat Group, says it will return an initial $70 million of capital to shareholders from the sale of its life insurance business. The insurer sold its life business to Fidelity Life Assurance for about $145 million in cash and liabilities in May though in determining what capital was available had to take into account the Reserve Bank’s requirements for its insurance licences, including an increase in its minimum solvency margins. In August, Tower said it...

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