The Street: Banks - Feb 02, 2010Tower Group Inc (TWGP)
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The Street.comThe rating actions reflect the recent announcement by OneBeacon Insurance Group, Ltd (OneBeacon) that these two 100% reinsured subsidiaries are to be sold to Tower Group, Inc (Tower), (headquartered in New York) (NASDAQ: TWGP) as part of a transaction to sell OneBeacon's personal lines business As a result, the existing reinsurance agreements in place that cede 100% of Mass Homeland and York's businesses to OneBeacon Insurance Company are expected to be commuted at the close of the transaction in mid 2010, depending on regulatory approvals Mass Homeland and York's ratings will remain under review pending the close of the transaction and regulatory approval of affiliated reinsurance agreements between the acquired companies and certain Tower subsidiaries
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<span class="sent">The rating actions reflect the recent announcement by OneBeacon Insurance Group, Ltd (OneBeacon) that these two 100% reinsured subsidiaries are to be sold to Tower Group, Inc (Tower), (headquartered in New York) (NASDAQ: TWGP) as part of a transaction to sell OneBeacon's personal lines business</span> As a result, the existing reinsurance agreements in place that cede 100% of Mass Homeland and York's businesses to OneBeacon Insurance Company are expected to be commuted at the close of the transaction in mid 2010, depending on regulatory approvals Mass Homeland and York's ratings will remain under review pending the close of the transaction and regulatory approval of affiliated reinsurance agreements between the acquired companies and certain Tower subsidiaries
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