National General
09/15/14
PDF
Add to Briefcase

National General Holdings Corp. Announces Tower Personal Lines Transaction Closing

NEW YORK, Sept. 15, 2014 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) today announced the closing of the Tower Personal Lines transaction. This follows the closing of the acquisition of Tower Group International, Ltd. (Nasdaq:TWGP) by ACP Re, Ltd. (ACP Re).

In conjunction with the transaction, National General:

Michael Karfunkel, Chairman and Chief Executive Officer of National General commented, "I am very excited about what this transaction brings to National General, and believe it is a compelling opportunity that will enable us to deliver strong shareholder returns in both the remainder of 2014 and the coming years. The Tower Personal Lines transaction provides National General with a broader product mix including homeowners and umbrella coverages, an enhanced geographic footprint, and added competitive strength with the ability to bundle several personal lines P&C products. In the time that we have been reinsuring the Tower Personal Lines book through the Cut-Through Reinsurance Agreement, we have seen a profitable and attractive business, which we believe will be enhanced by our state-of-the-art technology platform and the backing of our strong balance sheet. I want to thank each of the independent agents, policyholders, and the dedicated team of professional employees who have continued to support the Tower Personal Lines business throughout a tumultuous past year."

About National General Holdings Corp.

National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, recreational vehicle, motorcycle, homeowners, supplemental health, and other niche insurance products. 

CONTACT: Investor Contact

         Dean Evans

         Director of Investor Relations

         Phone: 212-380-9462

         Email: Dean.Evans@NGIC.com