Tower Group, Inc. reported that it has completed the acquisition of Preserver Group, Inc., a New Jersey based property and casualty insurer. This transaction was previously announced on Nov. 14, 2006.
Preserver Group, Inc. produced $86 million in direct premiums written during 2006 through its distribution network of approximately 300 independent agents. Preserver writes business in New Jersey, Maine, New York, New Hampshire, Massachusetts, Vermont, Rhode Island and Pennsylvania.
Michael Lee, president and chief executive officer of Tower Group, Inc. said the transaction is consistent with his company’s overall acquisition strategy to acquire small regional insurance companies.
Tower Group, Inc. is headquartered in New York City. Its two insurance company subsidiaries are Tower Insurance Company of New York and Tower National Insurance Company. Tower Group’s insurance services subsidiary, Tower Risk Management Corp., acts as a managing general agency, adjusts claims and negotiates reinsurance terms on behalf of other insurance companies.
Source: Tower Group
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