WELLINGTON, July 1 New Zealand insurance company
Tower Ltd said on Tuesday it had sold its remaining
life insurance business to a private company, Foundation Life
Holdings Ltd, for NZ$36 million ($31.5 million).
In January, Tower, which has been restructuring to
concentrate on its general insurance business, said it expected
to hold onto its remaining life business after selling most of
it to Fidelity Life Assurance Company Ltd for about NZ$189
However, it said Foundation had come to it with a
proposition reflecting the business's value and Tower would now
have a new focus limited to general insurance.
($1 = 1.1423 New Zealand Dollars)
(Gyles Beckford; Editing by Larry King)