Tower appoints new head of Australian unit

Tower Group chief executive Keith Taylor said in a statement today that Mr Minto, who has been the acting Australian CEO since November 6, had made good progress with restructuring.

Tower posted a net loss of $74.95 million earlier this month, including a $35.8 million writedown on the value of its Australian master trust business, Bridges Financial Services.

A week later, Tower continued its push into the Australian market with the purchase of a 16 percent stake in Mawson Group Australia.

Mr Taylor said that "in the interests of stability and the work that Tower Australia has to accomplish, Mr Minto's permanent appointment is vital".

Mr Minto previously headed Tower New Zealand.

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