Tower Group International, Ltd. Enters Marine and Energy Market
Tower Group International, Ltd. Enters Marine and Energy Market
HAMILTON, Bermuda--(BUSINESS WIRE)-- Tower Group International, Ltd. (NAS: TWGP) , whose insurance companies are one of the 50 largest providers of property and casualty products and services in the U.S., today announced its entry into the Marine and Energy insurance market. Tower's new Marine and Energy team will include senior executives with decades of industry experience, led by Tom Guarnera and Jeff Kaufmann, who are joining Tower from the U.S. office of ANV Holdings BV, a Netherlands-based company (ANV).
In accordance with an executed definitive agreement, Tower has acquired the ongoing Marine and Energy business written by the U.S. office of ANV. In addition to Messrs. Guarnera and Kaufmann, key ANV employees currently involved in the servicing of the Marine and Energy business are now employees of Tower.
The business, which will be based in New York, produced approximately $30 million in 2012 premiums, and is expected to have a strong outlook for growth in the next five years. In addition, Tower will acquire from ANV unearned premium reserves associated with the business. Tower will service existing ANV Global Services's Marine and Energy customers according to the terms of the agreement until the completion of the run-off of the subject business.
Tower's Marine and Energy business will primarily consist of ocean marine, including hull, cargo and liability; offshore energy, including property and liability coverage focused on upstream energy; and inland marine.
The senior leadership of the team joining Tower includes Tom Guarnera and Jeff Kaufmann. Mr. Guarnera has been in the Marine and Energy business for 40 years, with senior positions in this market, including responsibility for the underwriting and management of a Marine Liability, Hull and Offshore Energy book at NYMAGIC and as Managing Director at ANV Global Services. He is the former Chairman of WQIS (Water Quality Insurance Syndicate) and is a Board member of the American Bureau of Shipping. Mr. Kaufmann has 25 years of experience underwriting and managing Marine and Energy specialty lines. He was previously Managing Director, Underwriting at ANV Global Services and the Chief Underwriter for XL's Marine and Energy business in the Americas, and has held key underwriting positions with Reliance National and Marine Office of America Corp. (CNA).
"We welcome Tom and Jeff to our organization to lead our entry into the Marine and Energy insurance market, which is consistent with our organic growth initiative to expand our specialty product offerings," said Michael H. Lee, Chairman, President and Chief Executive Officer of Tower. "This team brings a wealth of industry experience, and I am confident that with their leadership, knowledge and expertise in the Marine and Energy insurance market, combined with our capabilities as a global diversified insurance company, we will be able to continue to build on their success to meet the needs of existing and new business partners and clients in this market."
For immediate new business opportunities, please contact Tower's Marine and Energy team:
Thomas Guarnera
tguarnera@twrgrp.com
P: (212) 655-4780
C: (917) 971-2547
Jeff Kaufmann
jkaufmann@twrgrp.com
P: (212) 655-4789
C: (917) 680-0360
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This press release and any other written or oral statements made by or on behalf of Tower may include forward-looking statements that reflect Tower's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "plan," "expect," "project," "intend," "estimate," "anticipate," "believe" and "continue" or their negative or variations or similar terminology. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause the actual results of Tower to differ materially from those indicated in these statements. Please refer to Tower's filings with the SEC, including, among others, Tower's Annual Report on Form 10-K for the year ended December 31, 2012 and its subsequent filings on Form 10-Q, for a description of the important factors that could cause the actual results of Tower to differ materially from those indicated in these statements. Forward-looking statements speak only as of the date on which they are made, and Tower undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About Tower Group International, Ltd.
Tower Group International, Ltd. is a Bermuda-based global diversified insurance and reinsurance holding company and is listed on the NASDAQ Global Select Market under the symbol TWGP. Our U.S. insurance subsidiaries are rated A- (Excellent) by A.M. Best. Through our insurance and reinsurance subsidiaries in the U.S. and Bermuda, collectively referred to as Tower Group Companies, we deliver a broad range of commercial, personal and specialty insurance products and services in the U.S. and specialty reinsurance products globally through our distribution and underwriting partners.
For more information, visit Tower's website at www.twrgrpintl.com.
Tower Group International, Ltd.
Robert E. Johnson, 646-625-3509
Vice President, Corporate Marketing & Communications
bjohnson@twrgrp.com
or
Bernie Kilkelly, 212-655-8943
Managing Vice President, Investor Relations
bkilkelly@twrgrp.com
KEYWORDS: United States Bermuda North America Caribbean New York
INDUSTRY KEYWORDS:
The article Tower Group International, Ltd. Enters Marine and Energy Market originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
