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Slide #81. Tower Group International, Ltd. — American Safety Reinsurance, Ltd.
Tower Group International, Ltd. (TWGP)
American Safety Reinsurance, Ltd.
Tower Group International, Ltd. (NASDAQ:TWGP) announced today that it has entered into an agreement to acquire American Safety Reinsurance, Ltd. (ASRe), the Bermuda-based reinsurance subsidiary of American Safety Insurance Holdings, Ltd. (ASI), from Fairfax Financial Holdings Limited (Fairfax Financial) for approximately $59 million. The purchase of ASRe is expected to close in the second half of 2013, following the completion of Fairfax Financial's acquisition of ASI. Following the close of the transaction, the operations and employees of ASRe will be combined with Tower's Bermuda reinsurer, Tower Reinsurance, Ltd. (Tower Re).
Tower Group International is a holding company. Through its subsidiaries, Co. provides a range of commercial, personal property and casualty insurance products and services to businesses in various industries and to individuals. Co. has three business segments: Commercial Insurance, which provides commercial lines property and casualty insurance products to businesses on both an admitted and non-admitted basis; Assumed Reinsurance, which provides international assumed reinsurance and certain U.S. based assumed reinsurance; and Personal Insurance, which provides personal lines property and casualty insurance products to individuals, and also includes the Reciprocal Exchanges.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
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