Ownership structure review for NZ insurer, Tower
New Zealand insurer Tower Limited which gave birth to major Australian life insurer, TAL< has announced it is undertaking a strategic review of its ownership structure.
The company announced to the Australian Securities Exchange (ASX) today that the ownership review is supported by 20% shareholder Bain Capital and is aimed at “exploring options to maximise value for all Tower Shareholders and optimise its capital structure to provide a strong platform for market competitiveness”.
It said that Goldman Sachs News Zealand had been engaged as financial adviser on the review.
Tower chairman, Michael Stiassny said the company believed a thorough examination of its ownership structure was prudent at this time.
“This strategic review will enable us to explore options that align with our objectives and position us for continued success in the marketplace,” he said.
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