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International

Suncorp subsidiary acquires more than 10% stake in Tower

February 22, 2017 Reprints

Australian insurer Suncorp Group Ltd.'s subsidiary Vero Insurance New Zealand Ltd. has acquired 11% of ordinary shares of local insurer Tower Ltd., Voxy.co.nz reported. "The proposed acquisition would consolidate Suncorp’s position in the New Zealand general insurance market, creating a business with gross written premiums of NZD 1.6 billion," said Paul Smeaton, chief executive of Suncorp New Zealand.

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Suncorp subsidiary acquires more than 10% stake in Tower

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