CastlePoint, Tower Group merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Jan. 27 - CastlePoint Holdings, Ltd. shareholders voted at a special meeting on Tuesday to approve the company's merger with a wholly owned subsidiary of Tower Group, Inc.

According to CastlePoint, shareholders cast 27,682,906 votes in favor of the merger representing 90.8% of the total votes cast.

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.

Tower Group shareholders will vote on the merger at a special meeting on Wednesday.

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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