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Private reinsurance company to buy Tower Group for $172 mln

Monday, 6 Jan 2014 | 8:02 AM ET

Jan 6 (Reuters) - Tower Group International Ltd said it would be bought by ACP Re Ltd, a privately owned reinsurance company, for $172 million.

Each outstanding share of Tower will be converted into the right to receive $3 in cash. Tower shares closed at $2.94 on Friday.

The controlling shareholder of Bermuda-based ACP Re is a trust established by the founder of AmTrust Financial Services Inc, National General Holdings Corp and Maiden Holdings Ltd.

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