TEXT-NZ's Tower to end insurance ties with ANZ-National Bank

(The following statement was released by the company)

WELLINGTON, Aug 7 - TOWER has provided general insurance products to the ANZ and National Bank for 15 years through a relationship that has seen the combined ANZ / National portfolio grow to approximately $70m in annual premium revenue.

However, revenue sharing arrangements have resulted in TOWER incurring an ongoing underwriting loss from the venture.

The decision has now been made to discontinue this relationship between TOWER and ANZ / National which will therefore cease with effect from 1 March 2009.

This decision has no effect on TOWER customers who will continue to receive insurance cover and benefits under their existing insurance policies.