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News Breaks | | | | July 30, 2012 | | 16:24 EDT |  | TWGP | Tower Group exercises option to merge with Canopius Bermuda
Tower Group announced that it has exercised its previously announced option to combine with Canopius Holdings Bermuda Limited and Canopius Bermuda Limited, the Bermuda reinsurance business currently operated by Canopius Group Limited. As announced on April 25, Tower agreed to invest approximately $75M to acquire a 10.7% stake in Canopius Group subject to the closing of Canopius Group’s acquisition of Omega Insurance Holdings Limited. Tower also entered into an agreement dated April 25 under which Canopius Group committed to assist Tower with the establishment of a presence at Lloyd's of London and granted Tower an option to combine with Canopius Bermuda. Tower announced that it has exercised the Option and executed an Agreement and Plan of Merger with Canopius Bermuda pursuant to which an affiliate of Canopius Bermuda will acquire all of Tower’s common stock; under applicable accounting principles Tower will be regarded as the acquiring entity. Tower paid Canopius Group a fee of $1M to exercise the Option. Tower also conducted a comprehensive review of its reserves in the second quarter and strengthened its reserves by $42M after-tax. This reserve charge should allow Tower’s financial results to fully reflect current accident year profitability going forward. | |
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