Insurance Brokers M&A » By The Online Investor Staff, updated Fri., Dec. 3, 5:36 PM
Recent mergers and acquisitions in the Insurance Brokers M&A category.
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Slide #95. Tower Group, Inc. — Canopius Holdings Bermuda Limited
Acquirer:
Tower Group, Inc. (TWGP)
Acquiree:
Canopius Holdings Bermuda Limited
Details:
Tower Group, Inc. (NASDAQ:TWGP) announced the closing of its merger with Canopius Holdings Bermuda Limited (Canopius Bermuda), which will become effective later today following the close of trading on The NASDAQ Global Select Market (NASDAQ). Upon closing of the merger, Tower will become an indirect wholly-owned subsidiary of Canopius Bermuda, which will change its name effective at the closing to Tower Group International, Ltd. (Tower Ltd.). Under the terms of the merger agreement, Tower stockholders will receive 1.1330 common shares of Tower Ltd. for each outstanding share of Tower common stock held. Tower Ltd. common shares will be listed on NASDAQ under the symbol "TWGP," which is the same trading symbol as is currently used by Tower, and are expected to begin trading at the market opening on March 14, 2013. The opening price of Tower Ltd. common shares, which will have a new CUSIP number of G8988C105, will be reduced by 13.3% to account for the 13.3% increase in shares received by existing Tower stockholders as a result of the merger.
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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