Sale of Tower Solomon Islands business to Trans Pacific Assurance Limited
On 3 July 2023 we announced the conditional sale of our Solomon Islands business to Trans Pacific Assurance Limited (Trans Pacific).
We've been in the Solomon Islands for over 35 years, since opening our local branch in 1985. We're proud to have served the Solomon Islands and thank our staff, customers, and partners for their support and continued loyalty throughout this period.
Trans Pacific is a large, privately owned, general insurer operating in Papua New Guinea. It sees the acquisition of Tower's Solomon Islands business as being a good fit with its existing operations, due to the proximity between Papua New Guinea and Solomon Islands, and the similar types of insurance coverage that Trans Pacific provides. Trans Pacific looks forward to welcoming Tower staff to its team and continuing to provide Tower customers with high quality service.
The transaction is subject to conditions, including approval by authorities in New Zealand, Solomon Islands, and Papua New Guinea and confirmation of coverage from Trans Pacific's reinsurers. Provided these conditions are fulfilled, the sale is expected to complete later in 2023.
For now, nothing is changing. On 3 July 2023 Tower Limited announced the conditional sale of its Solomon Islands business to Papua New Guinea (PNG) based insurer, Trans Pacific Assurance Limited (Trans Pacific). If the sale conditions are satisfied, we expect the sale to take place later in 2023. We will be in touch to update you on progress with the sale in due course.
For now, nothing changes as far as your policies are concerned. All policy terms and conditions remain unchanged. We will be in touch with you in due course to let you know more about the progress of the sale and what will happen when it is completed.
For the time being, the same friendly local team will continue to provide you with excellent service from our branch in Honiara. Our contact details remain the same - you can call +677 22955 or email email@example.com for more information.
Your claim will continue to be processed as normal by Tower’s claims team.
Trans Pacific is a large, privately owned, general insurer operating in Papua New Guinea, providing a range of personal, medical and business insurance products to the local market. Trans Pacific sees the acquisition of Tower’s Solomon Islands business as being a good fit with its existing operations, due to the proximity between PNG and Solomon Islands, and the similar types of insurance coverage that Trans Pacific provides.