Rumours that Vero in New Zealand has its eye on the general insurance assets of listed insurer Tower have been quickly downplayed by Vero’s Australian parent. Tower is the fifth-largest NZ general insurer with $132 million in premiums.

The rumours stem from a session at a recent NZ brokers’ conference in Fiji, when Roger Bell, Vero’s CEO in NZ, said Vero is “looking aggressively” for acquisition targets. Mr Bell didn’t hint who was on its wish list, and the media report that led to the speculation also didn’t mention similar statements made by the local operatives of several similarly cashed-up Australian insurers. (With the exception of IAG, which already holds a dominant position in the NZ market.)

Merrill Lynch analysts used Mr Bell’s comments to add their own speculation that Tower is a good target for Vero. Not so, said Duncan West, Promina’s CEO of General Insurance in Australia, who will become CEO of Vero in Australia when it is officially launched early next month. 

Mr West told Sunrise Exchange News he didn’t think there is any truth to the rumour, repeating Promina CFO Harold Bentley’s comments that no deal is on the table.

Are any acquisitions in the wind for Promina? “We’re not making any statements yet, but we’ll keep you posted,” Mr West said.