Fidelity Life Assurance has acquired most of Tower’s life insurance business for a net amount of about $70 million, propelling the closely held company to the third-largest in the market. Fidelity, whose businesses include life insurance, business insurance and KiwiSaver, is acquiring most of Tower’s non-participating life insurance. The Auckland-based company has a strategy of growing organically and through acquisitions, …

An unexpected drop in US weekly jobless claims and solid earnings including from News Corp weren’t enough to keep Wall Street from sliding after initially setting fresh records. The labour market provided further reason for optimism about the general outlook for the US economy, following the April jobs data released last Friday. Initial claims for state unemployment benefits declined 4,000 …

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