Tower completes sale of subsidiary in Papua New Guinea, accelerates investment in remaining Pacific markets
Tower has completed the sale of its subsidiary in Papua New Guinea, Tower Insurance (PNG) Limited, to locally based insurer, Alpha Insurance Limited.
The sale allows Tower to accelerate its strategy of streamlining and modernising its Pacific business operation.
Tower Chief Executive Blair Turnbull says, completing this transaction allows Tower to invest further in a streamlined Pacific operation in Tonga, Samoa, American Samoa, the Cook Islands, the Solomon Islands, Fiji and Vanuatu.
“The seven Pacific markets we continue to operate in offer us positive opportunities to progress our digital strategy in terms of existing technology development, digital payments capabilities, and the balanced mix of commercial and personal lines customers.
“This year we launched our signature My Tower Platform in Fiji so our customers can fulfil their insurance needs in one simple online portal. We are working on rolling out this Pacific-first technology across our other Pacific locations.”
As part of the Papua New Guinea sale, all local Tower PNG team members will be employed on the same or improved terms and conditions.
Mr Turnbull says, “on behalf of Tower I would like to thank our Papua New Guinea team and customers, as well as the wider PNG community who have supported us over the years.”
All of Tower’s other Pacific markets remain unchanged and the Tower brand and business continues as normal in these countries.