Tower said the transaction, first announced in June, is part of its thrust to streamline and modernise its business operations in the Pacific. Following the sale’s completion, Tower will invest further in its businesses in Tonga, Samoa, American Samoa, the Cook Islands, the Solomon Islands, Fiji and Vanuatu.
“The seven Pacific markets we continue to operate in offer us positive opportunities to progress our digital strategy in terms of existing technology development, digital payments capabilities, and the balanced mix of commercial and personal lines customers,” said Tower chief executive Blair Turnbull. “This year, we launched our signature My Tower Platform in Fiji so our customers can fulfil their insurance needs in one simple online portal. We are working on rolling out this Pacific-first technology across our other Pacific locations.”
As part of the Papua New Guinea sale, all Tower PNG staff will remain employed, with the same or improved terms and conditions.
“On behalf of Tower I would like to thank our Papua New Guinea team and customers, as well as the wider PNG community who have supported us over the years,” Turnbull said.
Tower’s businesses in other Pacific markets remain unchanged and will continue operating as normal in these countries.