Tower to complete takeover of National Pacific Insurance

Auckland, NEW ZEALAND — Tower Insurance is looking to take complete ownership of its subsidiary National Pacific Insurance Limited (NPI). NPI, headquartered in Samoa, serves the markets of Tonga, American Samoa and Samoa.

Last month, Tower increased its holdings in NPI by 22% by buying a share purchase from its second largest shareholder for approximately $3.4 million. This took Tower’s total shareholding beyond 93%. Following the transaction, Tower said it will seek to purchase the remaining shares from minority shareholders through compulsory acquisition as provided by NPI’s governing documents and local laws.

Tower CEO Blair Turnbull said complete ownership of NPI is another milestone in Tower’s investment in the Pacific, which allows the company to streamline its New Zealand and Pacific operations.

Turnbull also said that NPI will be rebranded to the Tower identity, coinciding with the launch of its first digital insurance offering in the markets NPI is present in.

Read more at Insurance Business magazine