Tower NZ Chairman Tony Gibbs has resigned and has been replaced by Bill Falconer, who has been a director since 2003.

Mr Falconer is also currently chairman of the Primary Growth Partnership Investment Advisory Panel, Meat Industry Association Holdings, Energy Intellect and Karapiro 2010 and is a director of Stream Information, the Waterfront Partnership and the Westfield Trust (NZ).

Tower Group MD Rob Flannagan says since Mr Gibbs became chairman in 2006 the company’s profitability has grown from $NZ25 million ($20 million) to $NZ58 million ($46 million) last year.

Mr Flannagan says the company is expecting to deliver group profits in the $NZ22-28 million ($17.5-22 million) range for the year ending September 30, despite payments made under its reinsurance policies and the cost of reinstatement.