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Sealord boss, accountant join Tower board

 Sealord boss Graham Stuart and accountant Stephen Smith have been appointed to the Tower board.

Fri, 25 May 2012

BUSINESSDESK: Tower, the insurance company controlled by Guinness Peat Group, has appointed Sealord boss Graham Stuart and accountant Stephen Smith to its board.

The pair will be independent directors of the company and subsidiary Tower Capital as the insurer undertakes a strategic review that may lead to "partnerships, merger opportunities, acquisitions, divestments and/or a return to capital".

Mr Stuart is the chief executive of fishing group Sealord, while Mr Smith is a professional director, and sits on the board of the Crown agency tasked with overseeing the recoveries of failed finance companies backed by the government's retail deposit guarantee.

The strategic review comes against the backdrop of GPG's stake in Tower coming up for grabs as the investment company winds itself down.

Earlier today, Tower said first-half profit 83% rose and will pay a fatter dividend to shareholders as it grew revenue and scaled back earthquake and premium liability costs.

The shares gained 1.9% to $1.65 in trading today, and have gained 7.8% this year.

The stock is rated an average "outperform" in a Reuters consensus of analysts, with a median target price of $1.70.

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Sealord boss, accountant join Tower board