Sharechat Logo

Tower and InsuranceLine enter long term partnership

Media release

Thursday 8th September 2005

Text too small?
Tower has entered into a long term life insurance distribution agreement and acquired an equity interest (A$21m) with InsuranceLine Holdings Pty Limited.

The terms of the agreement are commercial in confidence.

InsuranceLine and Tower have successfully distributed life insurance products since 1999 and this has led to the development of a number of direct marketed personal risk insurance solutions tailored for middle Australians.

Tower'sS strategy is to grow organically and through aligned partnerships. In particular, in the life insurance sector in Australia where consumers are significantly underinsured, Tower sees additional distribution channels such as those provided by InsuranceLine as offering significant long term growth opportunities.

This alliance relationship is strategically important to both Tower and InsuranceLine and this alignment of interests will cement the long-term product development and distribution partnership between the two organisations. It will enable both organisations to benefit from a sharing of resources and expertise to support further growth of an already highly successful relationship.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Tower to return 'initial' $70M of capital from sale of life business
Tower shares fall to 2-month low as licensing requirements may weigh on capital returns
Tower's licensing talks with RBNZ may push up minimum solvency requirements
Tower names Hancock as new chief executive, replacing Flannagan
Tower posts first-half profit as asset sales reap gains of $51.4 mln
Fidelity Life acquires most of Tower's life insurance business
Flannagan to leave Tower after strategic review, asset sales
Tower FY profit jumps 67%, to return $120M to shareholders; shares jump
Tower sells medical insurance unit to nib for $102M
Stiassny joins Tower board as questions linger over strategy