Private reinsurance company to buy Tower Group for $172 mln

Mon Jan 6, 2014 8:02am EST

Jan 6 (Reuters) - Tower Group International Ltd said it would be bought by ACP Re Ltd, a privately owned reinsurance company, for $172 million.

Each outstanding share of Tower will be converted into the right to receive $3 in cash. Tower shares closed at $2.94 on Friday.

The controlling shareholder of Bermuda-based ACP Re is a trust established by the founder of AmTrust Financial Services Inc, National General Holdings Corp and Maiden Holdings Ltd.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article