Commerce Commission declines Vero Insurance acquisition of TowerKEVIN STENT/FAIRFAX NZ Commerce Commission chairman Mark Berry says the insurance merger could threaten consumers' coverage. A merger between insurers, Tower and Vero Insurance, could have meant higher prices for customers and less cover, says competition watchdog the Commerce Commission. Vero is a subsidiary of Australian company Suncorp Group, while Tower is New Zealand based. But Commerce Commission chairman Mark Berry said the commission was not satisfied the merger would not diminish competition substantially. Combined, Vero and AA Insurance control 25 per cent of New Zealand's insurance market.

Source: Stuff July 25, 2017 20:26 UTC