New Zealand insurer Tower says an amalgamation of companies within its corporate structure will take effect from the end of the month following regulatory approval.

CFO Jeff Wright says the changes reflect the group’s transformation into a simpler and more focussed business.

“Tower’s prior corporate structure was designed to support many different businesses and following a period of divestment and our focus on general insurance, this new structure will reduce complexity, effort and cost,” he said.

The changes bring Tower Financial Services Group, Tower New Zealand and Tower Ltd, into Tower Insurance Limited.

Tower Insurance Limited’s legal name will be changed to Tower Limited, the listed entity, while Tower Insurance will continue to be the insurer licensed by the regulator, the Reserve Bank of New Zealand.