WELLINGTON Nov 2 New Zealand insurer and fund
manager Tower Ltd has sold its health insurance
business to Australia's NIB Holdings Ltd for NZ$102
million, paving the way for the private health insurer to enter
the New Zealand market.
Tower said in a statement it was selling its health
insurance arm, which has approximately 13 percent of market
share in the country, as it expected only limited returns from
NIB Managing Director Mark Fitzgibbon said the company was
acquiring the New Zealand business to expand into international
"TOWER Medical meets NIB's strict investment criteria in
terms of strategic rationale and return on investment," he said.
(Reporting by Naomi Tajitsu)