This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Tower Group Announces Significant Support Of 2013 Underwriting Year At Lloyd’s

Stocks in this article: TWGP

Tower Group, Inc. (“Tower”) (Nasdaq: TWGP) announced today its support of more than £200m ($325m) projected gross written premiums at Lloyd’s for the 2013 year of account. This is a significant step in Tower’s strategy to develop its presence in the Lloyd’s market.

As previously announced on April 25, 2012, Canopius Group Limited (“Canopius”) committed to assist Tower in the establishment of its presence at Lloyd’s. Canopius has established Syndicate 6115, a non-marine short-tail orientated Special Purpose Syndicate (the “SPS”) underwriting a whole account and additional class quota shares of Canopius Syndicate 4444, which will commence trading in January 2013 with initial capacity of £70m ($113m) and 100% supported by Tower.

Furthermore, Tower will support a number of other Lloyd’s syndicates for the 2013 year of account with combined capacity of £78m ($126m). These will be predominantly supported through a spread corporate member, Tower Corporate Capital 1 Limited, which has been established with the assistance of Argenta Private Capital Limited (“Argenta”), specialist insurance investment advisers, who will provide administration services in respect of the majority of Tower’s ongoing non-Canopius participations.

Commenting on the announcement, Tower President and CEO Michael Lee said, “We are pleased to further expand our business relationship with Canopius through the launch of the SPS, a relationship which we commenced in July 2011 as a quota share reinsurer of Syndicate 4444 and further built on in August 2012 with a 10.7% equity investment in Canopius. We have a very high regard for the Canopius management team led by its Executive Chairman, Michael Watson, and its strong track record and expertise in the specialty and international business underwritten through the Lloyd's market. The launch of the SPS is complemented by the launch of our spread corporate member which will participate on a number of third party syndicates. Together these initiatives help us achieve one of our key strategic objectives by significantly accelerating our involvement with the Lloyd's market and its access to profitable specialty and international business. Furthermore, we are pleased to form a business relationship with Argenta, and look forward to drawing on their deep expertise of the Lloyd’s market.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs