New Zealand’s Tower has increased its stake in National Pacific Insurance (NPI), which is headquartered in Samoa, to 93%.

Tower plans to rebrand NPI to Tower and introduce a digital insurance solution, completing its digital roll out across the Pacific. In addition to NPI’s three branches across Tonga, American Samoa and Samoa, the insurer has Tower-branded operations in Papua New Guinea, the Cook Islands, the Solomon Islands, Fiji and Vanuatu.

Tower purchased an additional 22% stake in NPI from its second largest shareholder for around $NZ3.4 million ($3.24 million) last month. It will seek to purchase the remaining shares from minority shareholders via compulsory acquisition.

“Through this acquisition we are able to further streamline our Pacific corporate structure and also seek enhanced operational efficiencies,” Tower CEO Blair Turnbull said.

“We are making positive progress around rationalising our product set as we move off the Pacific legacy systems onto Tower’s leading cloud-based technology platform.”

NPI had grown its revenue and Tower says there is significant opportunity to grow it further.