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Tower Group buys Specialty Underwriters' Alliance
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NEW YORK - Insurance company Tower Group Inc. said Friday it completed its acquisition of Specialty Underwriters' Alliance Inc. for $107 million.
The price was based on Tower's closing price of $23.74 Friday. Tower announced an agreement to buy Specialty Underwriters in June.
Michael Lee, president and CEO of Tower, said in a release that the acquisition strengthens Tower's specialty business segment with an underwriting platform in the Midwest.
Specialty Underwriters is a commercial property and casualty insurer that serves niche groups with unique risk characteristics.
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