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Tower appeals over Vero purchase

Tower has lodged its own appeal against the Commerce Commission’s decision to decline Vero’s application to acquire the third-placed New Zealand insurer.

As previously reported by insuranceNEWS.com.au, Vero has appealed the decision with the High Court.

Tower says it supports Vero’s action, but will make no further comment because the matter is before the courts.

Commission Chairman Mark Berry said in July the proposed merger could “substantially lessen” competition in the personal insurance market, leaving just Vero and IAG as significant insurers in the space.

The commission believes there are other viable options for Tower, including being acquired by another third party or continuing as a standalone entity. Before Vero’s offer, the Tower board approved a bid from Canada’s Fairfax Financial Holdings.

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