Tower Group Announce Merger With ACP Re

Tower Group International Ltd announced today [Jan 6] that it would merge with ACP Re Ltd. ACP Re is a Bermuda based reinsurance company, while Tower Group International is a Bermuda-based global diversified insurance and reinsurance holding company.

The controlling shareholder of ACP Re is a trust established by the founder of AmTrust Financial Services, Inc. National General Holdings Corporation [NGHC] and Maiden Holdings, Ltd.

Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each outstanding share of Tower’s common stock, par value $0.01 per share, following the settlement of all outstanding equity awards, will be converted into the right to receive $3.00 in cash, with an aggregate value of approximately $172.1 million.

A statement from Tower said that the Merger Agreement was unanimously approved by the respective Boards of Directors of ACP Re and Tower.

#BermudaBusiness #MaidenHoldings

Category: All, Business