Tower Group, Inc. (NASDAQ: TWGP) today announced that its acquisition of
CastlePoint Holdings, Ltd. (NASDAQ: CPHL) will close on February 5, 2009.
Final Merger Consideration:
Under the terms of the merger agreement, the exchange ratio was
determined based on Tower’s volume weighted average price per share
during a 15 day trading window which began on January 7, 2009 and ended
on January 28, 2009.
CastlePoint shareholders (other than Tower) will receive 0.47 shares of
Tower common stock and cash consideration of $1.83 for each share of
CastlePoint common stock.
About Tower Group, Inc.
Tower Group, Inc. offers property and casualty insurance products and
services through its operating subsidiaries. Its insurance company
subsidiaries offer insurance products to individuals and small to
medium-sized businesses. Tower's insurance services subsidiaries provide
underwriting, claims and reinsurance brokerage services to other
insurance companies.
For more information visit Tower's website at http://www.twrgrp.com/.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. This press release or any other
written or oral statements made by or on behalf of Tower and CastlePoint
may include forward-looking statements that reflect Tower's and
CastlePoint's current views with respect to future events and financial
performance. All statements other than statements of historical fact
included in this press release are forward-looking statements.
Forward-looking statements can generally be identified by the use of
forward-looking terminology such as "may," "will," "plan," "expect,"
"project," "intend," "estimate," "anticipate," "believe" or "continue"
or their negative or variations or similar terminology. All
forward-looking statements address matters that involve risks and
uncertainties. Forward-looking statements speak only as of the date on
which they are made, and the assumptions underlying our pro forma
projections and/or earnings guidance could prove incorrect. Neither
CastlePoint nor Tower undertakes any obligation to update publicly or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Tower Group, Inc.
Thomas Song, 212-655-4789
Managing Vice
President
tsong@twrgrp.com
