HAMILTON, Bermuda, Feb. 12, 2014 (GLOBE NEWSWIRE) -- In response to queries received, ACP Re, Ltd. ("ACP Re") announced today that it is continuing to work closely with the management of Tower Group International, Ltd. ("Tower") towards the closing of the previously announced merger. The transaction is expected to close in the summer of 2014, pending satisfaction of certain conditions including the receipt of stockholder and regulatory approval.
ACP Re also noted that Tower's current insurance business is supported through the previously announced agreements with Tower regarding the Personal Lines Cut-Through Reinsurance Agreement with a subsidiary National General Holdings Corp. and Commercial Lines Cut-Through Reinsurance Agreement with a subsidiary of Amtrust Financial Services, Inc.
About the Tower transaction
On January 3, 2014, ACP Re entered into a merger agreement with Tower pursuant to which ACP Re has agreed to acquire Tower. The transactions contemplated by the Tower merger agreement are subject to the satisfaction of certain conditions including regulatory and shareholder approvals.
About ACP Re, Ltd.
ACP Re, Ltd. is a Bermuda based reinsurance company. The controlling shareholder of ACP Re is a trust established by the founder of AmTrust, Maiden Holdings, Ltd. and National General who has had a long successful history in the financial services sector.
CONTACT: ACP Re, Ltd. (441) 297-4620Source:ACP Re Ltd