The Northern Territory Government is reviewing the viability of the Government-owned Territory Insurance Office (TIO) as it makes way for new infrastructure projects, according to the Australian Financial Review.

The newspaper reported today that NT Treasurer Syd Stirling has kick-started a “broad-ranging review” of the insurer, which was set up in the aftermath of Cyclone Tracy in 1974.

TIO is said to be worth around $150 million. “A wide range of things could come out of it; [a sale] may be one of them,” Mr Stirling said.