Tower Group CEO resigns

Michael Lee, president and CEO of Bermuda-based Tower Group has resigned. William Fox is expected to become the company’s new president and CEO.

Tower agreed to sell itself to ACP Re in January following a troubled year, in a deal worth approximately $172.1 million.

Tower had been obliged to substantially increase its loss reserves in 2013 following the revelation that the company had significant holes in its 2009 to 2011 accident year business.

The troubled company was later displaced from a deal to buy American Safety Re that year, before acquiring Canopius Bermuda. Later it became the target of acquirers, with ACP Re swooping in to buy the company at the start of this year.