Tower brings in Goldman Sachs to advise on ownership structure

Tower NZ's ownership is up for review. Photo / File

Insurance company Tower has hired Goldman Sachs NZ to assist with a strategic review of its ownership structure.

The review is supported by Tower’s 20 per cent shareholder Bain Capital.

Tower said the review would “explore options to maximise value for all Tower shareholders” and optimise its capital structure to provide a strong platform for market competitiveness.

“In our commitment to delivering long-term value to our shareholders, we believe that a thorough examination of our ownership structure is prudent at this time,” Tower chairman Michael Stiassny said.

“This strategic review will enable us to explore options that align with our objectives and position us for continued success in the marketplace.”

Tower provides a range of insurance products including home, contents and motor vehicle across New Zealand and the Pacific.

Stiassny said it would be business as usual for the company during the review process, which is expected to take several months.

Shares in NZX-listed Tower last traded at 59c, having lost 16.3 per over the last 12 months.