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Stock Market & Financial Investment News

News Breaks
January 6, 2014
07:10 EDTAFSI, TWGPAmTrust 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.
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September 12, 2014
18:56 EDTTWGPTower Group, ACP Re, Ltd. receive all regulatory approvals for merger
ACP Re, Ltd. and Tower Group International announced that ACP Re has received all regulatory approvals required in connection with its previously announced acquisition of Tower. Each of ACP Re and Tower expects to close the merger on the morning of Monday, September 15.
September 4, 2014
12:41 EDTAFSIAmTrust Financial management to meet with SunTrust
Meeting to be held in Nashville on September 9 hosted by SunTrust.
September 2, 2014
08:56 EDTTWGPOn The Fly: Pre-market Movers
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