Tower Group subsidiaries enter into waiver letter to credit agreement

By Tali David

Minneapolis, Nov. 6 - Tower Group International, Ltd. subsidiaries Tower Insurance Co. of New York, CastlePoint Insurance Co., CastlePoint National Insurance Co. and Hermitage Insurance Co. entered into a waiver letter to its letter of credit facility agreement on Nov. 4, according to an 8-K filed with the Securities and Exchange Commission.

Pursuant to the letter, the banks agreed to waive the borrowers' non-compliance with certain covenants contained in the credit agreement regarding the borrowers' delivery to the issuing banks of certain financial statements and related compliance certificates.

Tower Group is a New York-based provider of commercial, personal and specialty property and casualty insurance products and services.

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