Tower acquires remaining shares in National Pacific Insurance Limited

Tower is well on the way to fully acquiring its subsidiary National Pacific Insurance Limited (NPI). The company is headquartered in Samoa and serves people in Tonga, American Samoa, and Samoa.

In October, Tower acquired an additional 22% stake in NPI from its second largest shareholder for approximately $ 3.4 million, or 14.00 Samoan Tala per share, bringing Tower’s total stake to over 93%. Following this acquisition, Tower will attempt to acquire the remaining shares from minority shareholders through a compulsory takeover as permitted by relevant NPI documents and local law.

Blair Turnbull, Tower’s CEO, says that NPI’s wholly owned ownership marks another milestone in Tower’s investment in the Pacific and will allow Tower to streamline its New Zealand and Pacific operations.

“With this takeover, we are able to further streamline our Pacific corporate structure and also strive for improved operational efficiency. We’re making positive strides in streamlining our product line-up as we move from Pacific’s legacy systems to Tower’s leading cloud-based technology platform.

“National Pacific Insurance is a valuable and growing part of our business. Despite the COVID-19 pandemic, NPI has grown its sales and we see a significant opportunity to grow them further.

“One of our first steps will be to rename NPI to Tower, which will coincide with the launch of the first digital insurance solution in these markets and complete Tower’s digital rollout in the Pacific,” said Turnbull.

In addition to NPI’s three offices in Tonga, American Samoa and Samoa, Tower has Tower-branded offices in Papua New Guinea, the Cook Islands, the Solomon Islands, Fiji and Vanuatu.

Paula ter Brake, Managing Director – Pacific, says: “Tower is the only insurer with a wide range of retail and digital services in the Pacific Islands.

“We intend to build on the very important legacy National Pacific Insurance has built in these areas, particularly our reputation for innovating customer needs and being a preferred employer in the Pacific.

“We see significant potential for the insurance industry across the Pacific and are honored to carry the rich history of National Pacific Insurance into the future under the Tower brand.”

© Scoop Media

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