Tower Group, CastlePoint set meeting dates for merger vote

By Lisa Kerner

Charlotte, N.C., Dec. 19 - Tower Group, Inc. and CastlePoint Holdings, Ltd. will hold separate special meetings of their shareholders in January for the purpose of approving a merger of the two companies.

At 10 a.m. ET on Jan. 28, Tower Group shareholders will be asked to approve the issuance of shares of Tower Group common stock in connection with the merger, according to a Tower news release.

CastlePoint will hold its meeting at 9 a.m. ET on Jan. 27 in Bermuda. Shareholders will be asked to approve the merger agreement.

Record date for both meetings is the close of business on Dec. 4.

Tower Group, a New York property and casualty insurance company, agreed to acquire CastlePoint in a cash-and-stock deal valued at about $490 million, or $12.68 per share, it was previously reported.

The merger agreement calls for CastlePoint shareholders to receive 0.47 shares of Tower Group common stock and cash consideration of $1.83 for each share of CastlePoint common stock.

No additional regulatory approvals are required prior to the merger's close, the release said.

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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