Tower

Tower acquires remaining shares in National Pacific Insurance Limited

The business is headquartered in Samoa and serves people across Tonga, American Samoa and Samoa.

In October, Tower purchased an additional 22% stake in NPI from its second largest shareholder for approximately $3.4m or 14.00 Samoan Tala per share, bringing Tower’s total shareholding to over 93%. Following this acquisition, Tower will seek to purchase the remaining shares from minority shareholders, via a compulsory acquisition as allowed under NPI’s governing documents and local laws.

Tower plans to cut 108 jobs despite HY profit rise

The insurance company's profit for the six months ended March was $14.9 million compared with $11.9m a year ago, as income rose 11 percent on the back of increased premiums, and the cost of claims stabilised. The result contains three months of business done by Youi, which Tower bought at the end of last year.

However, outgoing chief executive Richard Harding said the company was bracing for reduced investment income and slower growth because of the Covid-19 pandemic, which was prompting the company to cut costs and make greater use of digital platforms for customers.