Dai-ichi moves into Tower Australia
Major Japanese insurer Dai-ichi Mutual Life has completed the acquisition of a 29.7% stake in Tower Australia after local shareholders approved the deal last week.
Dai-ichi has taken up the stake in the company previously held by the UK-based Guinness Peat Group. It bought 19.9% in August and another 9.8% following the Tower Australia shareholders’ meeting.
The $376.3 million purchase was supported by the company’s board, with Tower Australia Chairman Rob Thomas telling the meeting Dai-ichi supports the management and its strategic direction.
“We are fortunate to welcome Dai-ichi as our major shareholder,” he said, noting its “scale and extensive experience in the life insurance industry”.
Dai-ichi – the largest life insurer in the Japanese market and globally one of the top 10 – has been expanding its footprint in the Asia-Pacific region for several years.
Dai-ichi has taken up the stake in the company previously held by the UK-based Guinness Peat Group. It bought 19.9% in August and another 9.8% following the Tower Australia shareholders’ meeting.
The $376.3 million purchase was supported by the company’s board, with Tower Australia Chairman Rob Thomas telling the meeting Dai-ichi supports the management and its strategic direction.
“We are fortunate to welcome Dai-ichi as our major shareholder,” he said, noting its “scale and extensive experience in the life insurance industry”.
Dai-ichi – the largest life insurer in the Japanese market and globally one of the top 10 – has been expanding its footprint in the Asia-Pacific region for several years.