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.

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