15 Sep 2010

Insurance policy dispute settled

12:35 pm on 15 September 2010

Tower has settled a dispute with ANZ National over the right to renew insurance policies it sold to the bank's customers.

ANZ had tried to offer customers to another insurer, Vero, but the Court of Appeal upheld an earlier decision that said Tower was entitled to $70 million of premium income from customers of the lenders.

Tower had said it would challenge part of the judgement which required it to release customers' private and confidential information to the bank.

But the company now says it's reached agreement with ANZ National which will let it continue to renew policies sold through the bank.

The company's share price was unchanged at $1.85 on Wednesday morning.