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NEW YORK - Insurers Tower Group Inc. and CastlePoint Holdings Ltd. said Wednesday CastlePoint's reinsurance subsidiary will acquire HIG Inc., which operates Hermitage Insurance Co. and Kodiak Insurance Co.
CastlePoint will pay $27 million in cash plus the adjusted closing book value of HIG. The total cash payment is expected to be $135 million.
Earlier this month, Tower Group agreed to acquire CastlePoint. That deal is expected to close in December.
CastlePoint's acquisition of HIG is expected to close in December as well.
HIG is expected to generate about $100 million in gross written premiums in 2008.
Tower Group anticipates the acquisition of HIG will help boost its earnings in 2009 after it completes its acquisition of CastlePoint.
Tower Group affirmed its 2009 earnings estimate range of between $3.20 and $3.40 per share, noting the HIG acquisition is likely to boost earnings toward the upper end of the range.
Shares of Tower Group added a penny to $20.01 in morning trading, while CastlePoint rose 17 cents to $10.85.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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