Tower Group International, Ltd., has entered into agreements with three reinsurers — Arch Reinsurance Ltd., Hannover Re, and Southport Re — that it said will enhance its financial flexibility.

The reinsurance agreements are:

• Tower Insurance Company of New York (“Tower New York”) on its behalf and on behalf of each of its pool participants entered into a multi-line quota share agreement with Arch Reinsurance to cede a 17.5 percent quota share of certain brokerage commercial automobile liability, brokerage commercial multi-peril property, brokerage commercial multi-peril liability, and brokerage other liability (monoline liability) business. The agreement covers losses occurring on or after July 1, 2013 for policies in-force as at June 30, 2013 and policies written or renewed from July 1, 2013 to December 31, 2013.
• Tower New York on its behalf and on behalf of each of its pool participants also entered into a multi-line quota share agreement with Hannover Re (Ireland) Plc to cede a 14 percent quota share of certain brokerage commercial automobile liability, brokerage commercial multi-peril property, brokerage commercial multi-peril liability, brokerage other liability (monoline liability), and brokerage workers' compensation business. The agreement covers losses occurring on or after July 1, 2013 for policies in-force as at June 30, 2013 and policies written or renewed from July 1, 2013 to December 31, 2013.
• Tower New York on its behalf and on behalf of each of its pool participants entered into two reinsurance agreements with Southport Re (Cayman), Ltd. Under the first agreement, Tower New York ceded to Southport Re a 30 percent quota share of its workers' compensation and employer's liability business. The agreement covers losses occurring on or after July 1, 2013 for policies in force as at June 30, 2013 and policies written or renewed during the term of the agreement. Under the second, an aggregate excess of loss agreement, Southport Re assumed a portion of the losses incurred by Tower New York on its workers' compensation and employer's liability business between January 1, 2011 and May 31, 2013, but paid by Tower New York on or after June 1, 2013.
• Tower Reinsurance, Ltd., a wholly-owned Bermuda-domiciled reinsurance subsidiary of Tower, also entered into an aggregate excess of loss agreement with Southport Re (Cayman), Ltd., in which Southport Re assumed a portion of the losses incurred by Tower Re on its assumed workers' compensation and employer's liability business between January 1, 2011 and May 31, 2013, but paid by Tower Re on or after June 1, 2013.

Learn more: http://www.twrgrpintl.com.