Tower Group Buys Specialty Underwriters' Alliance
Stock quotes in this article:
TWGP
NEW YORK (AP) Insurance company Tower Group Inc. said Friday it completed its acquisition of Specialty Underwriters' Alliance Inc. for $107 million.
The price was based on Tower's closing price of $23.74 Friday. Tower announced an agreement to buy Specialty Underwriters in June. Michael Lee, president and CEO of Tower, said in a release that the acquisition strengthens Tower's specialty business segment with an underwriting platform in the Midwest. Specialty Underwriters is a commercial property and casualty insurer that serves niche groups with unique risk characteristics.- Loading Comments...
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