19 September 2014News

Tower Group acquired by ACP Re

Bermuda-based reinsurer ACP Re has completed its acquisition of insurer Tower Group International.

As a result of the merger, each share of Tower common stock was converted into the right to receive $2.50 in cash, without interest. Tower’s common shares will no longer be publicly traded.

Earlier this month, a massive 98.5 percent of Tower Group’s shareholders approved the takeover.