Insight and Intelligence on the London & International Insurance Markets 18 Mar 2018
Suncorpís Vero appeals against vetoed Tower purchase
- 23 August 2017
The Vero unit of Australian insurer Suncorp has lodged a court appeal in New Zealand against the competition regulator's July decision to block its NZ$236.1mn ($172.3mn) takeover of Tower.
In a one-sentence statement Suncorp said Vero Insurance New Zealand had submitted the appeal with the New Zealand High Court.
The New Zealand Commerce Commission vetoed the transaction last month , noting that the transaction could damage competition in the New Zealand personal insurance market.
Suncorp had won Tower's support for...
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