Sir Ron Brierley’s Guinness Peat Group has offered to support troubled NZ life insurer Tower by underwriting a $177 million capital-raising.

Under the plan, GPG would lift its 10% stake to 30%. At present the Wellington-based company has a 10% shareholder cap, so the move will need shareholder approval. Sir Ron is confident about getting that approval, especially considering that Tower has reported a first-half loss of $136.6 million.