TOWER Announces Integration Management Structure

Hello everyone,

I hope all is going well with you and your businesses.

On 30 January I advised that TOWER is to acquire PrefSure in Australia subject to regulatory approval. We are still awaiting that approval and anticipate settlement on 31 March this year.

To ensure that the merger can proceed smoothly and seamlessly we have been doing a great deal of planning and preparation. I am pleased to tell you we have agreed upon a new management structure to apply to the TOWER and PrefSure merged company.

The key appointments effective from 1 April 2006 subject to regulatory approval follow. However, for integration planning purposes these are effective from today.

• David Callander is Chief Executive Officer Retail Life
  
• Geoff Black is Chief Executive Officer Alliances and Groups. Geoff will also have responsibility for managing the integration of TOWER and PrefSure.  
  
• Grahame Evans remains as Chief Executive Officer Investments

John de Zwart will remain Group Chief Financial Officer and the TOWER NZ Chief Executive Officer positions are not affected.

In bringing TOWER and PrefSure together I see exciting and challenging times ahead. I see the challenges in Australia as:

• Building a strong and very competitive merged retail life business
• Building a strong and highly competitive merged Group Life business
• Continued transformation of the TOWER Investment business
• A smooth, swift and successful integration with all goals met on time
• Ongoing sales momentum in all areas; and
• Continued exploration of new ways to deal with underinsurance in Australia through alliances and partnerships.

This is a great leadership team which knows the Australian life insurance and investment businesses and understand how to work closely in partnership with Independent Financial Advisers. We will merge and build the new TOWER in Australia as a market leader in Life and with a specialist Investment business.

Thank you for our relationship and partnerships. We look forward to working with you and building mutual success. 

Best wishes and thanks  

Jim Minto
Group Managing Director
TOWER Limited

Disclaimer
This document has been prepared to be used by financial planners and advisers only. It is not to be provided to individual clients. The information contained in this document is general information only and cannot be considered to be financial advice. The information does not take account of the investment objectives, financial situation or particular needs of any particular client. To the extent permissible by law, TOWER Australia Limited (ABN 70 050 109 450, AFSL 237848) and its related companies (TOWER) specifically disclaims any liability that may arise for any direct, indirect, incidental, consequential or special damages that may arise from the access to or use of this document. No liability is accepted by TOWER for errors and omissions or for loss or damage suffered as a result of reliance on this document.

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TOWER Australia Ltd
A.B.N. 70 050 109 450
AFSL Number 237848