LEADING Papua New Guinea insurer Trans Pacific Assurance Ltd (Trans Pacific) is pleased to announce that following the securing of all regulatory consents their acquisition of the Tower Insurance business in Solomon Islands was finalized on Monday, 29th January, 2024.
Group CEO for Trans Pacific Philip Tolley said “This is a significant achievement for our business. We look forward to being able to bring to Solomon Islands the quality of product and service for which we have become famous in Papua New Guinea. We firmly believe that as “the Intelligent Insurer” no one in our region can match what we offer to our clients, and I am excited to now be expanding that experience to our Melanesian neighbours.”
Chairman Michael Sullivan said “I would like to thank Tower for the forty years that they have spent in Solomon Islands, and I am delighted that their existing Honiara team members are joining the Trans Pacific family. This is an exciting time for Trans Pacific and we look forward to welcoming many Solomon Islanders as clients in the near future”.
Expanding Trans Pacific’s business ties with Solomon Islands is a genuine example of the realisation of several of the most important goals of the Melanesian Spearhead Alliance formed in 1983 including the strengthening of trade and the fostering of closer economic and technical co-operation between member states.
Making sure that our new business in Solomon Islands succeeds will be an important focus for our board and management team. Unlike Tower with its much broader geographical spread of businesses, our new Solomon Islands business represents Trans Pacific’s first cross border investment and as such it will have an important place in our on-going business development strategy.
Trans Pacific is proudly 100 percent PNG owned and operates from its Head Office in Port Moresby. Over the last decade, Trans Pacific has grown to be the most significant PNG General Insurer with annual premiums exceeding the equivalent of SBD $225 million.
Its broker partners consistently rank it as the highest in the market for product knowledge, service, and claims paying appetite. It is a market leader in Motor, Marine, Workers Compensation, Public Liability and Commercial / Domestic Property.
