NEW YORK, Sept. 15, 2014 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) today announced the closing of the Tower Personal Lines transaction. This follows the closing of the acquisition of Tower Group International, Ltd. (Nasdaq:TWGP) by ACP Re, Ltd. (ACP Re).
In conjunction with the transaction, National General:
- Acquired the rights for new and renewal business for the Tower Personal Lines Insurance Operations, which produced $433.1 million in gross written premiums in 2013.
- Acquired the Attorney-in-Facts that manage two Reciprocal Exchanges (Adirondack Insurance Exchange and New Jersey Skylands Insurance Association) which produced $223.0 million of gross written premiums in 2013.
- Has had access to the Tower Personal Lines book under the Cut-Through Reinsurance Agreement, which was effective as of January 1, 2014.
Michael Karfunkel, Chairman and Chief Executive Officer of National General commented, "I am very excited about what this transaction brings to National General, and believe it is a compelling opportunity that will enable us to deliver strong shareholder returns in both the remainder of 2014 and the coming years. The Tower Personal Lines transaction provides National General with a broader product mix including homeowners and umbrella coverages, an enhanced geographic footprint, and added competitive strength with the ability to bundle several personal lines P&C products. In the time that we have been reinsuring the Tower Personal Lines book through the Cut-Through Reinsurance Agreement, we have seen a profitable and attractive business, which we believe will be enhanced by our state-of-the-art technology platform and the backing of our strong balance sheet. I want to thank each of the independent agents, policyholders, and the dedicated team of professional employees who have continued to support the Tower Personal Lines business throughout a tumultuous past year."
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, recreational vehicle, motorcycle, homeowners, supplemental health, and other niche insurance products.
CONTACT: Investor Contact Dean Evans Director of Investor Relations Phone: 212-380-9462 Email: Dean.Evans@NGIC.com
Source:National General Holdings Corp.