Kiwi Insurer Tower (NZX/ASX: TWR) announces it has agreed to pay $5.9m to Kiwibank to acquire and assume Kiwibank’s rights and obligations relating to a portfolio of insurance policies underwritten by Tower.
Tower CEO, Blair Turnbull says, “The completion of this deal brings an end to our strategy of acquiring legacy insurance books and migrating them to Tower Direct. Since February 2021 Tower has agreed to purchase books for a total price of $26m from ANZ, Westpac, TSB and Kiwibank, ending commission payments and enabling us to have a direct relationship with these customers, who represent more than 88,000 risks. Previously, Tower paid total commission to these partners of around $11m per annum”.
Premiums from the Kiwibank portfolio contributed $12m to Tower’s Gross Written Premium (GWP) in FY22.
Good. Although they are starting to sound like a wildlife sanctuary or orchardist by constantly describing themselves as a Kiwi insurer.
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Mkt cap ! $465.8M | |||
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