Tower Group International says it will receive $5 million in exchange for the termination of its previously announced agreement to buy American Safety Reinsurance from Fairfax Financial Holdings.
In June, Toronto's Fairfax said it was buying Bermuda's American Safety Insurance Holdings for about $306 million and would subsequently sell subsidiary American Safety Reinsurance to Tower Group.
According to statements today, Tower will receive the payment to terminate the deal in order to allow Fairfax to sell American Safety Reinsurance to Catalina Holdings.
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