US insurer Tower Group reports that it had exercised its option to merge with Bermuda-based reinsurer Canopius Holdings Bermuda Ltd and Canopius Bermuda Ltd, together operating as Canopius Bermuda. In April, Tower agreed to pay $75m to buy a 10.7% stake in Canopius conditional on the completion of Canopius' acquisition of Omega Insurance Holdings. It also signed a deal, under which Canopius was set to help Tower to establish presence at Lloyd's and gave Tower an option to combine with it.
With the exercise of the option, a unit of Canopius Bermuda will acquire all shares of Tower, but the latter will be considered the acquiring entity. It paid Canopius a $1m fee to exercise the option. The transaction could be terminated, if Canopius fails to complete its acquisition of Omega or to get regulatory and shareholder clearance. |
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