New York-based Tower Group Inc., which is acquiring CastlePoint Holdings Ltd. in Bermuda, said today that a CastlePoint subsidiary will acquire White Plains, N.Y.-based Hermitage Insurance for $135 million.
The announcement from Tower and CastlePoint said the purchase is being made by CastlePoint Reinsurance Company Ltd. and Hermitage (HIG Inc.), a commercial insurer and subsidiary of Brookfield Asset Management.
CastlePoint will pay $27 million in cash plus the adjusted closing book value of Hermitage. The total cash consideration is expected to be approximately $135 million with no external financing required, the companies said.
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