Dallas, Texas 03/11/2014 (FINANCIALSTRENDS) – Tower Group International, Ltd. (NASDAQ:TWGP) a diversified insurance and reinsurance company announced it has received a notice on March 5, 2014 from NASDAQ Listing Qualification Department. The notice was served because the TWGP is yet to file its Annual Report on Form 10-K for the period ending December 31, 2013 with the Securities and Exchange Commission (SEC) which is a direct non compliance under NASDAC Listing Rule 5250(c)(1).
According to the reports, there will be immediate effect on company’s NASDAC listing; however as per NASDAQ rules the company will have to submit a plan within 60 days to ensure they are compliant. According to the reports TWGP is planning to file 10-K with the SEC by end of March.
Tower Group International, Ltd. (NASDAQ:TWGP) Announces Its New Chairman and President
Tower Group’s chairman, president and CEO Michael Lee resigned from the company last month to pursue new opportunities. Lee has been with the company since March 13, 2013. According to the company’s reports, it has named board member Jan Van Gorder as the chairman and one of the former board members William Fox as the company’s new president and CEO.
TWGP Proposed Merger with ACP Re
Early this yearTower Group International Ltd. declared to sell itself to ACP Re Ltd, a Bermuda based reinsurance company in a deal worth about $172.1 million. The deal is will significantly benefit the company which witnessed huge reserve shortfall. The deal comes along with a termination clause. If TWGP backs out from the deal, then it will be liable to pay a termination fee of $8.18 million and expenses related to transaction with a cap of $2 million. Financial services firm .P. Morgan Securities LLC was the lead financial advisor to TWGP on this transaction. The deal is expected to close by the summer subject to required approvals from the insurance regulator.