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Fidelity completes TOWER buy

Fidelity Life has completed the purchase of the in-force life insurance business of Tower Health & Life and the group risk business of Tower Life for a total consideration of around $145 million.

Friday, August 2nd 2013, 8:08AM

The transaction makes Fidelity Life the largest New Zealand owned insurer and the third-largest life insurer in the country. Fidelity Life is privately owned, mostly through the interests of its founders Gordon and Shirley Watson, and also by its staff and management.

“As a fiercely proud Kiwi company we are always looking for ways to grow our share of the market and compete against the largely foreign-owned life insurance providers that operate in New Zealand,” chief executive Milton Jennings said.

“This deal gives us the scale and resources to deliver a much more compelling life insurance alternative to what the banks can provide.”

The transaction was first announced in May of this year and has taken just a few months to complete. Fidelity Life assumes responsibility for about 60,000 new insurance policyholders, which takes its in-force premium to around $200 million annually.

“Fidelity Life consistently rates in the top tier of New Zealand life insurers and remains one of New Zealand’s most recommended insurance brands by financial advisers,” Jennings said.

Fidelity Life has recently been awarded four stars in the Beaton Benchmarks survey which canvasses financial advisers on the products, service and support that local life insurers provide.

“The Beaton survey results clearly demonstrate our commitment to the financial adviser sector,” says Jennings. “This was highlighted in the many comments in the survey praising how easy we are to deal with and the quality of our support and claims processes.”

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