Tower Group, Inc. on December 7 announced that it now expects the consummation of its previously announced merger with Canopius Holdings Bermuda Limited to occur in the first quarter of 2013.
According to a release, Tower's preliminary proxy materials continue to be under review by the Securities and Exchange Commission and, accordingly, the approval of the merger by Tower stockholders will not occur in 2012. In addition to the approval of Tower's stockholders, the merger remains subject to obtaining the regulatory approval of governmental and market authorities.
Tower Group offers diversified property and casualty insurance products and services through its operating subsidiaries.
Its Commercial Insurance Segment offers a broad range of commercial lines property and casualty insurance products to small to mid-sized businesses distributed through a network of retail, wholesale and program underwriting agents on both an admitted and non-admitted basis. This segment also includes reinsurance solutions provided primarily to small insurance companies;
Its Personal Insurance Segment offers a broad range of personal lines property and casualty insurance products to individuals distributed through a network of retail and wholesale agents; and
Its Insurance Services Segment provides underwriting, claims and reinsurance brokerage services to insurance companies.
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