Fidelity Life completes TOWER transaction

[ Thursday, 15 August 2013 ]

Fidelity Life has now completed the purchase of the TOWER Health & Life in-force business and the group risk business of TOWER Life NZ Limited (together TOWER).

Fidelity Life completes TOWER transaction

It is with great pleasure that I can confirm that Fidelity Life has now completed the purchase of the TOWER Health & Life in-force business and the group risk business of TOWER Life NZ Limited (together TOWER).

As you will recall, in May this year we announced that TOWER intended to sell most of its life insurance assets to Fidelity Life. All conditions relating to the transaction have now been satisfied, including Reserve Bank approval. Therefore, I am pleased to inform you that the transaction is now complete and from today management of the relevant TOWER policies has been transferred to Fidelity Life.

The transaction makes Fidelity Life the country’s third largest life insurer (by in-force risk premium). We now have over 230 employees in six centres around the country; from Auckland to Dunedin. Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best and that rating has been unchanged since 1996.

We will be writing to TOWER policyholders to introduce them to Fidelity Life. A sample copy of that letter can be downloaded here.

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