Tower Group stockholders approve acquisition of CastlePoint

By Angela McDaniels

Tacoma, Wash., Jan. 28 - Tower Group, Inc. said its stockholders authorized the issuance of shares of Tower common stock to shareholders of CastlePoint Holdings, Ltd. in connection with the company's acquisition of CastlePoint.

During a special meeting held Wednesday, Tower stockholders cast 19,640,144 votes in favor of the issuance of Tower shares, which represents 99.6% of the votes cast and 84.1% of the shares outstanding.

As previously reported, CastlePoint shareholders voted at a special meeting on Tuesday to approve the company's merger with a wholly owned subsidiary of Tower Group.

Tower Group agreed in August to acquire CastlePoint in a cash-and-stock deal valued at about $490 million, or $12.68 per share. CastlePoint shareholders will receive 0.47 of a share of Tower Group common stock and $1.83 in cash for each CastlePoint share held.

Tower Group is a New York property and casualty insurance company.

CastlePoint is a Hamilton, Bermuda-based holding company that provides property and casualty insurance and reinsurance business solutions to small insurance companies.

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