Key Developments For Tower Group, Inc.
Tower Group, Inc. (TWGP.O) (Nasdaq)
Tower Group, Inc. Announces Planned Retirement Of Chief Financial Officer; Appoints New Senior Vice President and Chief Financial Officer
Tower Group, Inc. announced that William E. Hitselberger will join Tower on December 8, 2009 as Senior Vice President and will become Chief Financial Officer effective March 15, 2010. He will succeed Francis M. Colalucci, who will retire from his position as Chief Financial Officer effective March 15, 2010 and from Tower's Board of Directors when his term expires on May 12, 2010.
Tower Group, Inc. Completes Acquisition of Specialty Underwriters' Alliance, Inc
Tower Group, Inc. announced that it has completed the acquisition of Specialty Underwriters' Alliance, Inc., a specialty property and casualty insurance company providing commercial insurance products through wholesale agents. The transaction is valued at $107 million based on Tower`s closing price. All closing conditions have been met. With the close of the transaction, Specialty Underwriters' shares will be delisted from the NASDAQ.
Specialty Underwriters' Alliance, Inc. Announces Approval Of Merger Agreement With Tower Group, Inc.
Specialty Underwriters' Alliance, Inc. announced that the holders of the Company's common stock voted to adopt the amended and restated agreement and plan of Merger executed on July 22, 2009, and effective as of June 21, 2009, among the Company, Tower Group, Inc. and Tower S. F. Merger Corporation. Approximately 66.9% of the shares eligible to vote and over 99.8% of the shares voting at the special meeting were voted in favor of adopting the merger agreement. The merger is expected to close no later than November 17, 2009. Under the terms of the merger agreement, the Company's stockholders are expected to receive 0.28 shares of Tower common stock for each share of SUA common stock or Class B common stock they hold.
Tower Group, Inc. Issues Q4 2009 EPS Guidance In Line With Analysts' Estimates; Reaffirms FY 2009, FY 2010 EPS Guidance
Tower Group, Inc. announced that for fourth quarter of 2009, it expects operating earnings per share (EPS) to be in a range of $0.86 to $0.96. For fiscal 2009, it has reaffirmed EPS guidance to be in a range between $3.15 and $3.25. For fiscal 2010, it has reaffirmed EPS guidance to be in a range between $3.50 and $3.70. Both 2009 and 2010 ranges include the effects of the SUA transaction. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.90 for fourth quarter of 2009; EPS $3.20 for fiscal 2009; EPS $3.62 of for fiscal 2010.
Tower Group, Inc. Acquires Workers Compensation Renewal Rights From AequiCap Program Administrators
Tower Group, Inc. announced that it has acquired the renewal rights to the workers compensation business of AequiCap Program Administrators. In addition, AequiCap`s employees involved in the servicing of the workers compensation business will become employees of Tower Group, Inc.
