Fidelity Life buys Towers Life business

[ Friday, 10 May 2013 ]

We are happy to confirm that as of today, we are set to become the country’s third largest life insurer
Head of Distribution Announcement

Fidelity Life buys Towers Life business

We are happy to confirm that as of today, we are set to become the country’s third largest life insurer (by in-force risk premium) after purchasing life insurance assets from Tower New Zealand’s life insurance book.

The acquisition announced today, will see Fidelity Life assume management of the Tower Health and Life Limited in-force business and the group risk business of Tower Life New Zealand Limited.

While the deal is subject to some conditions as customary for transactions of this type and we hope these can be satisfied in the next couple of months.

It is a momentous day for Fidelity Life and one that will lead to significant opportunities for our advisers, clients, and the company in general.

We are pleased to let you know going forward that we will have the ability to provide health insurance via NIB to your clients. We will all also benefit by capturing Tower’s experience and expertise in the Group Life market.

Tower advisers will gain access to Fidelity Life’s excellent technology suite – including our E-Apps and web-based Apollo software. They will also enjoy our flexible commission structure, our focus on building advisers’ businesses and our strong commitment to supporting non-aligned advisers.

We look forward to offering Tower advisers our many incentive programmes, including our Europe and Bledisloe Cup trips and hope to see as many of our advisers as possible to qualify.

We will keep you fully informed of the details as they are signed off in the coming couple of months.

Milton Jennings



10 May 2013

This email was sent by Fidelity Life Assurance Ltd, 81 Carlton Gore Road, Newmarket, Auckland 1023.
While Fidelity Life Assurance Company Limited (Fidelity Life) has made its best endeavours to ensure the information in this Adviser Alert is accurate, neither Fidelity Life nor any company or person associated with the document takes any responsibility for any incorrect or outdated information contained herein or for actions taken as a result.  In preparing the email, the author has not taken any individual investor's personal circumstances into account and this email should not be relied upon as the basis for an investment decision.  This email is intended for Fidelity Life advisers only and is not to be distributed to members of the public.  This email is not a recommendation or an offer of securities under the Securities Act 1978.  Investments will be accepted only on the application form in the investment statement, a copy of which can be obtained free of charge from Fidelity Life. No part of this email can be copied or reproduced without the prior permission of Fidelity Life.
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