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Tower Group enters into Marine and Energy insurance market

Tower Group International 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, or 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 $30M 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.