15 September 2014 Insurance

ACP Re completes Tower Group acquisition

ACP Re, the Bermuda reinsurer owned by AmTrust Financial Services, has completed its acquisition of beleaguered 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.

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