Privately-held Bermuda-based reinsurer ACP Re Ltd. will acquire 100% of the outstanding stock of Tower Group International for $3 per share—an aggregate value of about $172.1 million—and merge Tower with one of its subsidiaries, pending shareholder and regulatory approval, according to statements.
Additionally, New York-based AmTrust Financial Services will acquire the renewal rights and assets of Tower Group’s commercial lines insurance operations, and specialty personal-lines insurer National General Holdings Corp. (NGHC), also based in New York, will acquire the renewal rights and assets of Tower Group’s personal lines insurance operations, according to AmTrust.
As part of the merger with ACP Re, Tower will be “the surviving corporation in the merger and a wholly owned subsidiary of ACP Re,” says Tower in its statement. The merger agreement was unanimously approved by the boards of both Tower and ACP Re.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
