Tower Group Completes Acquisition of CastlePoint Holdings

February 5, 2009

  • February 5, 2009 at 1:01 am
    Amazed says:
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    If the rouge underwriting by the Tower truck team is any indication of other deals on the books, OMG – watchout! Remember Lincoln General, and that $1B in trucking biz they wrote – well, that didn’t work out so well (see their recent downgrade to B-). Undercutting an already soft market, and with as much as 50% in rate here in the metro NYC area on local trucking risks is insane! Either they are too stupid to realize this happening, or it is intentional. It is an irresponsible way to run an operation. I guarantee that Tower will soon leave the class, or jack rates by 2x; and both would hurt a client base on the brink now. When will people learn!?!

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