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Nib Holdings names Abano's Alan Clarke as chair of Tower Medical unit

Friday 15th March 2013

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ASX-listed nib holdings has named Abano Healthcare managing director Alan Clarke as chairman of Tower Medical Insurance, the business it acquired from Tower last year for $102 million.

Nib, an Australian private health insurer, said it is also well advanced in appointing a New Zealand-based chief executive for Tower Medical, the nation's second-largest health insurer with about 13 percent market share. Nib plans to roll out its own brands this year.

At the time of the acquisition, nib said buying Tower Medical fitted with its strategy of expanding in international markets. Tower Medical has annual premium revenue of about $140 million and reported net profit of $6.8 million in the second half. The unit ranks second in New Zealand's health insurance market behind Southern Cross Healthcare with 60 percent.

Tower plans to return $120 million of capital to shareholders and has called a meeting for March 21 to vote on the plan.

Nib shares last traded at A$2.23 on the ASX and have gained 11 percent this year.

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