UPDATED Fidelity pays $145 mln in cash and liabilities for Tower’s life assets

Thu, 09 May 2013

(Updates to clarify value of transaction, adding liabilities transferred to the $70 million cash component, adds Tower share price gain) May 10 (BusinessDesk) - Fidelity Life Assurance has acquired most of Tower’s life insurance business for about $145 million in cash and liabilities, 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...

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