Shareholders in trans-Tasman insurer Tower have voted unanimously to split the group’s Australian and New Zealand businesses.

The shareholders’ decision will be put before the NZ High Court for final approval. The demerger will see the Australian business, Tower Australia, listed separately on the Australian Stock Exchange next week.

The existing Tower Limited will remain listed on the Australian and the NZ stock exchanges, but possibly not for long.

Since revealing the demerger plans to shareholders in August, Group MD Jim Minto has flagged that Tower Limited could be delisted from the Australian register.

He has also indicated that Tower Australia will be rebranded in the next five years. Mr Minto will be CEO and current Tower Limited Chairman Keith Barton will take on the role of Chairman at Tower Australia.

At Tower Limited, Rob Flannagan will be CEO and current director Tony Gibbs will take on the role of Chairman.

Mr Minto says it is particularly pleasing that the shareholders have accepted the recommendation of the Tower Limited board that the geographical separation was in their best long-term interests.