Capital Insurance Group agreed to acquire TOWER Insurance (Vanuatu) Limited from Tower Limited (NZSE:TWR) on December 22, 2023. The sale proceeds are expected to be around $1.6 million, net of costs of sale, subject to adjustment for changes in the subsidiary?s net assets at the completion date. The transaction is conditional on approval by authorities in Vanuatu and Papua New Guinea.

The transaction is expected to complete in the first half of 2024.