Tower Appoints Naomi Ballantyne; Marcus Nagel Independent

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Classification: Sensitive



21 May 2025
Tower Appoints Naomi Ballantyne; Marcus Nagel Independent
Tower Limited is pleased to announce the appointment of Naomi Ballantyne as an independent director
to the Tower Board effective 21 May 2025, to fill a casual vacancy.

Ms Ballantyne brings a wealth of experience and expertise in the financial services sector, particularly in
the New Zealand insurance industry. Most notably, in 2023 Ms Ballantyne sold Partners Life Limited, the
highly successful insurance company she founded in 2010.


A serial entrepreneur with both executive and governance skills, Ms Ballantyne is currently the
Managing Director of KNK Consulting Limited, Chair of insurance distribution group, TAP Group Limited,
and a Director of Dai-ichi Life Asia Pacific Limited – the regional office of International Life Insurance
Corporation.


Prior to this, Ms Ballantyne founded and was the Managing Director of Unique Solutions and Advice
Limited and ING Life (NZ) Limited (now Chubb), and served as Chief Operating Officer of Sovereign
Limited (now AIA) for 12 years. Her previous directorships include Accuro Health Insurance, Newpark
Financial Services Limited, Club Life Limited, and New Zealand Superannuation Services Limited.


Tower Chair, Michael Stiassny says the Board welcomes Ms Ballantyne as a director.


“Naomi has forged an impressive career, having founded, built, and led successful financial services
companies for more than 40 years. This experience will be invaluable to Tower, as we continue to focus
on our strategy to be the best direct personal lines and SME insurer in our selected markets.”

Tower’s Board has determined that Ms Ballantyne is an independent director.

As required by rule 2.7.1 of the NZX Listing Rules, Ms Ballantyne will retire at the Annual Shareholder
Meeting (ASM) in February 2026 and be eligible for re-election.

In addition, following the sell-down by Bain Capital of all of its shares in Tower, Tower’s Board has
reviewed the independence of director Marcus Nagel. The Board considers that there is no longer a
Disqualifying Relationship (pursuant to the NZX Listing Rules) and that Mr Nagel is now an Independent
Director.

ENDS

This announcement has been authorised by:

Michael Stiassny
Chair
Tower Limited

For media enquiries, please contact:
Emily Davies
Head of Corporate Affairs and Sustainability
+64 21 815 149
Emily.davies@tower.co.nz

For investor enquiries, please contact:

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Classification: Sensitive
James Silcock
Head of Strategy, Planning and Investor Relations
+64 22 395 9327
James.silcock@tower.co.nz