Suncorp subsidiary acquires more than 10% stake in Tower

Posted On: Feb. 22, 2017 5:00 AM CST

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.