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Stock Market & Financial Investment News

News Breaks
January 6, 2014
07:10 EDTTWGP, AFSIAmTrust Financial to acquire renewal rights, assets of Tower Group
AmTrust Financial Services (AFSI) announced it has agreed to acquire the renewal rights and assets of the commercial lines insurance operations of Tower Group International, Ltd (TWGP) in connection with an agreement simultaneously entered into by ACP Re, a privately held Bermuda corporation, and Tower pursuant to which a subsidiary of ACP Re has agreed to acquire 100% of the outstanding stock of Tower for $3.00 per share and merge with Tower, subject to regulatory and shareholder approval. In addition, the company has reached agreement with several Tower subsidiaries to enter into, immediately upon regulatory approval, a 100% quota share reinsurance agreement and provide a cut-through endorsement on most of Tower's Commercial Lines Business in force policies and on new and renewal Commercial Lines Business. AmTrust has also obtained a 10-day option to reinsure, on a prospective basis, not less than 60% of the approximately $290M unearned premium reserve relating to Commercial Lines Business. AmTrust expects to exercise the option and to reinsure, prospectively, most of the business included in the unearned premium reserve. The Cut Through Reinsurance Agreement, when approved, will be effective as of January 1, 2014. The company will pay a 20% ceding commission to Tower on all Tower premium subject to the Cut Through Reinsurance Agreement. Furthermore, concurrent with AmTrust's acquisition of the Commercial Lines Business, National General Holdings Corp., a specialty personal lines property/casualty insurer, agreed to acquire the renewal rights and assets of the personal lines insurance operations of Tower.
News For AFSI;TWGP From The Last 14 Days
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August 4, 2015
14:07 EDTAFSIAmTrust raises quarterly dividend 20% to 30c from 25c per share
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13:54 EDTAFSIAmTrust downgraded to Neutral from Buy at Compass Point
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07:25 EDTAFSIAmTrust reports Q2 EPS $1.55, consensus $1.34
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July 31, 2015
16:49 EDTAFSIThe Climate Corporation sells crop insurance business to AmTrust
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16:31 EDTAFSIOnebeacon Insurance exits crop business
OneBeacon Insurance Group (OB) has exited the crop insurance business due to the sale of its exclusive managing general agency, Climate Crop Insurance Agency, to AmTrust Financial Services (AFSI). The company's existing crop insurance business has been transferred to AmTrust, including policyholder servicing. OneBeacon President and CEO Mike Miller said, "We are committed to ensuring a smooth transfer for both our policyholders and for the Climate crop insurance business team. We have terminated our relationship with The Climate Corporation and have withdrawn our Plan of Operations with the U.S. Department of Agriculture's Risk Management Agency for the 2016 crop year. "

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