Insurance Brokers M&A » By The Online Investor Staff, updated Mon., Nov. 29, 7:20 PM
Recent mergers and acquisitions in the Insurance Brokers M&A category.
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Slide #96. Tower Group, Inc. — Canopius Holdings Bermuda Limited
Acquirer:
Tower Group, Inc. (TWGP)
Acquiree:
Canopius Holdings Bermuda Limited
Details:
Tower Group, Inc. ( NASDAQ:TWGP) has been informed by Canopius Group Limited ("CGL") that in conjunction with the pending merger between Canopius Holdings Bermuda Limited ("Canopius Bermuda") and Tower, CGL has priced on March 6, 2013 its private sale of 100% of the shares of Canopius Bermuda to third party investors for an aggregate consideration of $216,697,637. As a result, subject to the approval of the merger by Tower stockholders at Tower's special meeting of stockholders on March 12, 2013, Tower expects the merger to close on or about March 13, 2013.
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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