Tower Group International Ltd. is reviewing a “range of strategic options” after the insurer determined it had to add $365 million to reserves and taking a $215 million impairment of goodwill tied to its commercial, specialty and reinsurance segments. JPMorgan …
A.M. Best Co. has commented that the issuer credit rating (ICR) and debt ratings of Tower Group, Inc. (TWGP), as well as the financial strength rating and ICRs of its insurance subsidiaries are unchanged. Best made the announcement following TWGP’s …
A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the pooled and reinsured members of the Tower US Pool. Best also affirmed the ICR of “bbb-” and debt …
Tower Group announced that it has committed to invest $75 million (based on the current exchange rate) in Canopius Group, Ltd., a privately owned Lloyd’s insurance holding company domiciled in Guernsey, Channel Islands. “Canopius’ principal business is insurance and reinsurance …
Lloyds of London insurer Canopius said it has agreed to buy rival Lloyd’s insurer Omega after raising its offer to £164 million ($265.6 million) in a recommended cash deal. Canopius said on Wednesday it will pay 67 pence [$1.085] per …
Tower Group reported a net loss of $16.4 million attributable to common shareholders in the third quarter. In contrast, the insurer had $28.6 million net income one year ago. Like many other insurers this past quarter, Tower Group saw big …
