Tower Group (TWGP) and CastlePoint (CPHL) Acquire HIG, Inc
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Tower Group, Inc. (NASDAQ: TWGP) and CastlePoint Holdings, Ltd. (NASDAQ: CPHL) have announced today that CastlePoint Reinsurance Company, Ltd., a Bermuda-based subsidiary of CastlePoint, has entered into a definitive agreement to acquire HIG, Inc. ("Hermitage").
CastlePoint will pay the seller, a subsidiary of Brookfield Asset Management Inc., $27 million in cash plus the adjusted closing book value of Hermitage. The total cash consideration is expected to be approximately $135 million with no external financing required.
On August 5, 2008, Tower entered into a definitive agreement to acquire CastlePoint and they expect to close that transaction in early December 2008. Tower and CastlePoint expect that the acquisition of Hermitage will close in late December 2008, after the closing of the Tower-CastlePoint acquisition.
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