Creditors who say they were swindled out of more than $200 million by the former owners of the liquidated CastlePoint group of insurance companies may proceed with most of the claims they made in a New York lawsuit, a California …
Of the 14 property/casualty impairments identified for 2016, 11 were members of the Tower Group, with the remaining three composed of two medical professional liability risk retention groups and a commercial lines reinsurer, according to a new A.M. Best special …
CastlePoint National Insurance Co., the California insurance company affiliate of the defunct Tower Group, has been ordered into formal liquidation, paving the way for protection of CastlePoint’s policyholders through the national system of insurance guaranty associations, California Insurance Commissioner Dave …
Tower Group International has fired PricewaterhouseCoopers as its accounting firm, six months after announcing it would restate previously filed financial statements for 2011 and 2012 due to “inadvertent mistakes.” The move comes in the wake of Tower’s disclosure late last …
Michael H. Lee, Tower Group International Ltd. chairman, president and chief executive officer, has resigned from the company and the company’s board of directors to pursue personal and other career opportunities, the company announced today. The resignation is effective immediately. …
In two announcements, AmTrust Financial Services said it would acquire renewals rights for Tower Group International’s commercial lines business for $125 million, and Tower said it entered into a $172 million merger agreement with Bermuda reinsurer ACP Re Ltd. The …
Tower Group International Ltd. said that it has paid $70 million that was outstanding to its Bank of America credit facility using proceeds from the sale of a stake in Canopius Group Limited. Tower Group, Inc., a wholly owned subsidiary, …
Tower Group International, Ltd. announced Wednesday that NASDAQ has notified the company that it is not in compliance with the exchange’s listing requirements. According to Tower’s press release, which was issued in accordance with NASDAQ Listing Rule 5810(b), the noncompliance …
A day after Tower Group International Ltd. disclosed “substantial doubt about the company’s ability to continue as a going concern,” the insurer’s CEO issued a letter seeking to reassure business partners that it will meet its obligations, Carrier Management has …
Tower Group International Ltd. announced Nov. 14 that it is restating previously filed audited annual consolidated financial statements for 2011 and 2012, which are contained in Tower’s March 31, 2013 10-K annual report for 2012. Such financial statements “should no …
