Tower CEO Blair Turnbull has resigned and will depart the New Zealand insurer on February 12.

Mr Turnbull, who took over from Richard Harding in August 2020, plans to compete in an ultra-running race around Mount Kilimanjaro before deciding on his next career move.

Chair Michael Stiassny says the board will undertake a recruitment process, and Mr Turnbull “leaves the business well positioned to enter its next growth phase”. 

“Blair’s energy and focus has been on ... digital technology and data,” Mr Stiassny said. “He has championed a culture that is ... synonymous with innovation while improving Tower’s business performance and delivering profitable growth.”

Mr Turnbull says his four years at Tower have been “a truly exciting chapter for me and a rewarding time leading such a great team”.  

He says the business is now “sharply focused and streamlined in our chosen markets, and we continue to innovate with risk-based pricing and new offerings like parametric insurance.

“The platform is solid and, as such, it’s an ideal juncture to pass the baton. My current focus is on sustaining our positive business momentum and ensuring a smooth transition.”

Before joining Tower, Mr Turnbull was Aviva MD of digital and retail in London and ABS Bank’s EGM wealth and insurance in Auckland. He is from Southland in New Zealand. 

US private equity firm Bain Capital owns a 20% stake in Tower, bought in March 2018 from Suncorp brand Vero for $NZ53.9 million ($50.2 million). A recent Goldman Sachs review of Tower’s capital structure identified options such as quota share arrangements, but no change is planned for now.