03 July 2023 Apia Samoa. Tower has announced the conditional sale of its Solomon Islands business to Trans Pacific Assurance Limited.
“The transaction will enhance Tower’s ability to pursue larger opportunities for growth in the Pacific where the insurer is investing substantially in new technology and people,” said Tower Chief Executive Blair Turnbull.
Turnbull says the sale to Trans Pacific will allow Tower to better streamline operations and complete its Pacific digital transformation while providing good value for Solomon Islands staff and customers.
“Tower’s Pacific strategy remains focused on delivering our leading personal and SME customer experience enabled through an innovative digital and data offering,” said Turnbull.
Tower is continuing to invest in its Pacific business with the roll out of My Tower online sales and service platform as well as the rebrand of its Tonga, American Samoa and Samoa businesses to Tower following its acquisition of minority interests in National Pacific Insurance in 2021.
In Samoa, National Pacific Insurance Limited has been the leading local insurance provider with the backing of Tower for over 40 years, and now trades as Tower Insurance with new, easier ways to mmanage customer iinsurance needs online.
Tower’s Suva operations hub continues to grow and now has 200 staff serving both Pacific and New Zealand customers.
Trans Pacific is a privately owned general insurer operating in Papua New Guinea. Trans Pacific sees the acquisition of Tower’s Solomon Islands’ business as being a good fit with its existing operations, due to the geographical proximity between Papua New Guinea and Solomon Islands, and the similar risk profiles.
Trans Pacific CEO Philip Tolley says, “Trans Pacific is pleased to be expanding to our nearest neighbour, the Solomon Islands. We respect the long history of service that Tower has provided to the region and I am excited to now take the responsibility for that business into the future..
“We welcome the opportunity to continue to provide high quality service to the Tower client base and intermediary network, and of course welcome the Tower SI staff to our team.”
Good news for the four existing staff members of Tower in the Solomon Islands – Trans Pacific will be offering roles to all four of the team.
Mr Turnbull says, “Tower has been in the Solomon Islands for over 35 years, since opening our local branch in 1985. I would like to extend our sincere thanks to our Solomon Islands staff, customers and partners for their support and loyalty during this time.”
The transaction is subject to conditions, including approval by authorities in New Zealand, Solomon Islands and Papua New Guinea and confirmation of coverage from Trans Pacific’s reinsurers.
Provided these conditions are fulfilled, the sale is expected to complete in 2023.
