Life Insurance & Pensions ALL IBR | Life Insurance & Pensions Life Insurance & Pensions Home |News |White Papers |Suppliers |Companies Return to: IBR Home | Life Insurance & Pensions Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Life Insurance & Pensions News Fidelity Life acquires Tower’s major part of life insurance business IBR Staff Writer Published 10 May 2013
Fidelity Life Assurance Company has purchased most of life insurance business from New Zealand insurance company Tower in a deal valued at approximately NZ$189m ($159.54m).
The deal has enabled Tower to concentrate on general insurance business, while the same has strengthened Fidelity's life insurance business in the country.
The acquirer specializes in life insurance, personal protection, business insurance, savings, investment and KiwiSaver.
Based on the terms of the agreement, Tower will market most of its non-participating life insurance policies and retain the capital currently held against those policies.
Apart from this, it will also retain its participating book and other run-off life insurance assets, which have an embedded value of $23m.
Commenting on the deal, Tower Group Managing Director Rob Flannagan said the company now can concentrate on delivering quality general insurance products and services to customers in New Zealand and the Pacific Islands, leveraging off its strong market position.
He further said that the sale was part of the company's strategic review of the business, which will maximize value to its shareholders.
Pending receipt of regulatory approvals as well as satisfying customary closing conditions, the transaction is likely to complete during July 2013.
Share:
Latest News Philippines grants insurance license to Starr International Insurance (Asia) Life Insurance & Pensions > News ING US appoints new head of Individual Life Distribution Life Insurance & Pensions > News Fidelity Life acquires Tower’s major part of life insurance business Life Insurance & Pensions > News Sun Life Financial reports Q1 2013 net income of $448m Life Insurance & Pensions > News MetLife unveils new individual disability insurance product Life Insurance & Pensions > News Related News Related SectorsLife Insurance & Pensions
Related Dates
2013> May
Related Industries
Financial Services> Insurance> Life Insurance
Comments Post a comment
Comments may be moderated for spam, obscenities or defamation.
Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Life Insurance & Pensions News Related Insight Suppliers Directory Spotlight Suppliers By Sector A-Z
General Insurance Commercial Lines Personal Lines Claims Insurer
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk # ABCDEFGHIJKLMNOPQRSTUVWXYZ
Life Insurance & Pensions Intelligence Latest White Papers Latest Research Buy the latest industry research online today! Deutsche Bank AG: Financial Services Company Profile, SWOT & Financial Report
ICD Research's "Deutsche Bank AG: Financial Services Company Profile, SWOT & Financial Report" is a crucial resource for industry executives and anyone looking to access key information about Deutsche Bank AGICD Research's "Deutsche Bank AG: Financial Services Company Profile, SWOT & Financial Report" report utilizes a wide range of primary and secondary sources, which are analyzed and presented in a consistent and easily accessible format. ICD Research strictly follows a standardized research methodology to ensure high levels of data quality and these characteristics guarantee a unique report. Buy online from $125
Sign up for the latest IBR news and features as well as other industry newsletters.
IBR Website Usage About us Accessibility Advertise with us Contact us Help Privacy RSS feeds Site map Dining Club Browse By Sector Browse By Network Business Review Sites General Insurance IntermediariesTechnology Brokerage Claims Commercial Line Insurer Life Insurance and Pensions Londonlloyds Outsourcing Personal Lines Regulatory and Risk Reinsurance Technology in Insurance Underwriting
Auto Banking Clean Technology Drinks Energy Food Insurance Logistics Medical Devices Packaging Pharmaceutical Retail Technology Webinars © IBR 2010. Part of Progressive Digital Media Group Plc
No comments:
Post a Comment