Tower has confirmed the settlement of the sale of most of its life insurance business to Fidelity Life Assurance.
Tower chief executive David Hancock says the company will now concentrate on its future as a focused general insurer, delivering general insurance products and services to customers in New Zealand and the Pacific Islands.
As part of the licensing process under the Insurance Act, Tower remains in continuing discussions with the Reserve Bank over the proposed imposition of conditions to its insurance licences.
They include an increase to minimum solvency margins.
