Tower Group, Inc. announced last week that through its insurance company subsidiaries, it has acquired the renewal rights to the middle market commercial package and commercial automobile business underwritten through the NAV PAC division of Navigators Group, Inc. The transaction, which does not include the NAV PAC Global or Life Sciences products, is expected to contribute $25 million in gross premiums written on an annualized basis.
Michael H. Lee, President and Chief Executive Officer of Tower Group, Inc., stated, "The acquisition of this business will allow us to continue to expand our middle market commercial product offering into certain niche classes of business. The underwriting personnel from Navigators whom we will hire in connection with this transaction will become part of our recently formed Customized Solutions business unit focused on developing customized products for our key partner agents."
About Tower Group, Inc.
Tower Group, Inc. offers diversified property and casualty insurance products and services through its operating subsidiaries. Its insurance company subsidiaries offer insurance products to individuals and small to medium-sized businesses through its network of retail and wholesale agents and specialty business through program underwriting agents. Tower's insurance services subsidiaries provide underwriting, claims and reinsurance brokerage services to other insurance companies.